Vinod Kothari spotted in Noida!

To a layman, the name would not seem to be of much significance, but people associated with law and corporate finace would raise eyebrows what this man is doing in Noida from all the way from Calcutta?

Vinod Kothari is considered topnotch corporate bankruptcy lawyer in India. One of my colleague spotted him in Noida at yellow chilli restaurant this evening. My curious colleague got him followed.

My colleague called and told about the development. Kothari is found to be operating along with his team from his makeshift office in Cabana Serviced Apartments in Indirapuram.

It is very hard to find who hired him and who he is working for right now. He is working in a very stealth fashion. He wouldn't take any call (I tried to contact him).

Anyway, I will find out by tomorrow who his client is.

Signs are ominous! Wait for few days for the big news!
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  • Bankruptcy is the issue

    Let us not divert to the authenticity,but discuss the possibilty of bankruptcy by the noida builders.
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  • Maybe GNA has hired him.
    Remember they too have taken loans for developmenta activities.
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  • we should give this news to news channels. probably india tv.by morning they will go to the service appartment kothari is staying and we will come to knwo who hired him.
    Is this possible that all the builders collectively hired him. because the list vkumar posted in his previous thread was so long. may be all builders are planning to file bankruptcy so its better one person can take care of it. cost saving you know.
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  • Ignore this pubicity hungry messanger

    Originally Posted by amitkagrawal
    Moderators,

    I sincerely think Mr vkumar should be banned from IREF. I have been reading IREF posts for quite some time now. I have seen numerous posts from this guy spreading controversial information under the pretext of "source confidential". Every time he posts, he posts something negative, that something bad is going to happen and he has confidential source for it, which he never discloses.

    If other members search for the posts under his name, they will see the trend. This guy should be booted out asap.


    He himself is Vinod kotha-ri. He is doing his publicity job here. There r nth number of lawyers in NCR. So we all should ignore this publicity hungry lawyer.
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  • Originally Posted by clearhai
    Whether Vinod KothaRI is really hired by the NOIDA builders or not is irrelevent? the real issue is bankruptcy?
    Remember, the builders are leveraged lot? they borrow at 8 percent to earn 10percent. as long as the 10 percent keep comimg, they donot have any issue.but the moment 10 percent stop coming and 8 percent goes to 9 percent they are squeezed.and at present all the builders in the NOida are squeezed.the question is how long they can sustain it and what is the prospect?.here the prospect are very bad.the realty boom in Noida is paused till the courts decides on last farmers appeal.how long they can sustain it,well not more than one month.how to identify the squeeze.Price correction.If there is a price correction in next 20-25 days by any of the big buildr, take it for sure that Vinod Kothari is goin to be overworked in NOIDA.I have seen AMAN II ad in HT at 2250sq ft., remebr AMAN I was gone in one day.therfore, if the aid appears for two more sunday, take it first sign of NOIDA realty reccession leading to price correction.



    AMAN II will not sell in 1 week or infact 1 month, for folowing reasons:

    1. AMAN 1 was launched when there was no affoadable housing. Noida Extesion came after that. It was launched at 1800-1900 INR/Sq Ft

    2. AMAN 1 was launched when there was not much buyer saturation and investors invested heavily in this.

    3. AMAN 2 is launchd with price of 3000 INR/SQ Ft no longer making AMAN the economy brand. Users have plenty options to chose from. http://www.jaypeeaman2.co.in/price-list

    4. In current Noida scenario, only 2 people will invest: First Adventure Lover and secondly who do not read IREF.

    So my friend expect no fireworks and don't base your decision on past data, past and present scenarios are very different.
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  • Originally Posted by amitkagrawal
    Moderators,

    I sincerely think Mr vkumar should be banned from IREF. I have been reading IREF posts for quite some time now. I have seen numerous posts from this guy spreading controversial information under the pretext of "source confidential". Every time he posts, he posts something negative, that something bad is going to happen and he has confidential source for it, which he never discloses.

    If other members search for the posts under his name, they will see the trend. This guy should be booted out asap.


    Dear Amit Agrawal,

    I agree that bad news or rumors are bad. I have been following this forum for long, a lot of rumors spread by people have come true. It's fre frum unless people are abusive or using personal remarks, we should not ban anyone if he is sharing anything, if you don't like the post ignore it and read other posts which you like.

    He is a legal guy and I rspect his views. If some builder is really filing bankruptcy or not, thats a secondary issue atleast it brings a good topic, what can be done if we anticipate that builder can file for bankruptcy. What are our legal options?

    Moderator, I oppose any move to :bab (3): vkumar.
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  • Originally Posted by capreal26
    Maybe GNA has hired him.
    Remember they too have taken loans for developmenta activities.


    There is no like button, but i do SUPER LIKE this comment. They are prime candidates for BANKRUPTCY.
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  • Originally Posted by vkumar1
    SPVs are convenient instruments to get rid if some assets get toxic. However, Indian Bankruptcy laws are more stringent and it cannot always work. Big groups like Amrapali cannot get away easily in court. If SPVs are used, there is imminent danger of seizure of personal properties and corporate also cannot escape liability, if the prosecuting party proves indulgence. Indian bankruptcy laws don't define corporate entity clearly.

    In case of Amrapali, it is impossible to get away with that instrument. The whole corporate will be seized. SPVs are useful for smalltime operatives only, in which they can show dispute among relatives too.


    Vkumar, one question.

    I own a company. I float another company for some venture and I am promoter of it. I list my newly floated company and sell 10% stake and another 20% is with banks. I owe Rs 1 billion to banks and decide to file bankruptcy my new floated entity. Will Promoting company i.e. my main company will get affected from this bankrupcy. Can Court order to sieze assets of my promoting company and pay Banks from my promoting company.
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  • Originally Posted by amit.sharma80
    Dear Amit Agrawal,

    I agree that bad news or rumors are bad. I have been following this forum for long, a lot of rumors spread by people have come true. It's fre frum unless people are abusive or using personal remarks, we should not ban anyone if he is sharing anything, if you don't like the post ignore it and read other posts which you like.

    He is a legal guy and I rspect his views. If some builder is really filing bankruptcy or not, thats a secondary issue atleast it brings a good topic, what can be done if we anticipate that builder can file for bankruptcy. What are our legal options?

    Moderator, I oppose any move to :bab (3): vkumar.

    Rumors are rumors, they create panic for people here. My point is that if someone is claiming something, post facts related to it. A forum becomes useless if people start posting random claims citing so called confidential sources. People come here to get more info, not rumors.
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  • Originally Posted by amarakbar
    I remember that in this forum some boarders were warning of such events way back in December 2010, but then again people ridiculed them and got them banned.

    News can be found in the TV & newspaper after it happens but in forums like this one can get lot of information which is not published. It is for the user to decipher it correctly.

    Agreed, we get much more information in these forums which is not available in news etc. But that does not mean everyone should start posting their brain dump here citing confidential sources without backing it up. This just creats unnecessary confusion and diverts us from important things.
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  • Originally Posted by amit.sharma80
    Vkumar, one question.

    I own a company. I float another company for some venture and I am promoter of it. I list my newly floated company and sell 10% stake and another 20% is with banks. I owe Rs 1 billion to banks and decide to file bankruptcy my new floated entity. Will Promoting company i.e. my main company will get affected from this bankrupcy. Can Court order to sieze assets of my promoting company and pay Banks from my promoting company.


    If the funds are transferred from promotor company (i.e. - funds taken directly without those funds becoming your personal wealth - or - without paying personal income tax), then the promotor company has full liability.

    Not only that, using publicity banner, using offices and employees of the promoter company, and by the way of any financial transactions of the promoter company, using advertising through the promoter company, all these factors establish liability of the promoter company. All depends upon the creditors/prosecutors how they succeed to establish.

    Indian bankruptcy laws are extremely stringent because they do not clearly define the difference between individual and corporates. Mostly depends upon the whim of judges and the judges prefer dragging individuals even in corporate bankruptcies.

    Bankruptcies are therefore not common because every sensible entity avoid it. Bankruptcy laws in India are catastrophic rather than protective. Rather than filing bankruptcy, people prefer going underground and criminally hide / distribute the wealth. Facing the consequenses of such acts are lighter than declaring bankruptcy here.

    However, if a corporate is declaring the bankruptcy, take it for granted that it is most extraordinary situation. Corporate would first do the accounts tampering, drain the funds, bribe the adjudicaters, and will stage it with token liquid funds while surrendering.

    Corporates cannot escape with SPVs. SPVs for large corporates usually are for charity or NGO purposes. If it is a profit center derived from the assets of parent company - a lawyer would suggest not to dare to seek insolvency for SPV. It will be considered a fraud and a criminal act.
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  • Originally Posted by amit.sharma80
    Dear Amit Agrawal,

    I agree that bad news or rumors are bad. I have been following this forum for long, a lot of rumors spread by people have come true. It's fre frum unless people are abusive or using personal remarks, we should not ban anyone if he is sharing anything, if you don't like the post ignore it and read other posts which you like.

    He is a legal guy and I rspect his views. If some builder is really filing bankruptcy or not, thats a secondary issue atleast it brings a good topic, what can be done if we anticipate that builder can file for bankruptcy. What are our legal options?

    Moderator, I oppose any move to :bab (3): vkumar.

    Read the following thread....

    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/noida-real-estate/17392-bankruptcy-watchlist-amrapali-supertech-mahagun-ajnara?t=19565

    vkumar1 lists almost all builders are going to be bankrupt citing "cofidential sources".

    I sincerly hope he is not true this time, as he always claims.
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  • VKumar is trying to create confusion

    Originally Posted by amitkagrawal
    Agreed, we get much more information in these forums which is not available in news etc. But that does not mean everyone should start posting their brain dump here citing confidential sources without backing it up. This just creats unnecessary confusion and diverts us from important things.


    VKumar, lawyer or not, is trying to create panic and confuse everyone with wrong interpretation of laws and unsubstantiated news.

    He himself does not understand difference between bankruptcy, insolvency and liquidation. Indian bankruptcy laws, even though not very clear, try to protect a corporate from its creditors and try to restructure and revive the company.

    Winding up of business is altogether different process.
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  • Originally Posted by anurag.iitk
    VKumar, lawyer or not, is trying to create panic and confuse everyone with wrong interpretation of laws and unsubstantiated news.

    He himself does not understand difference between bankruptcy, insolvency and liquidation. Indian bankruptcy laws, even though not very clear, try to protect a corporate from its creditors and try to restructure and revive the company.

    Winding up of business is altogether different process.


    Anurag, I am a desi vakil who works with desi judges in desi adalats in desi environment.

    Can you tell me please how many corporates have been protected from its creditors, have restructred and companies revived in last 10 years, through Indian Judicial System? Or, are you sitting in America and dreaming of outsourcing Indian Judicial Process over there?

    Please be reasonable while commenting. I don't mind personal remarks (lol - they are like compliments), but at least learn to respect the country's judicial system, whatever kind that is with its extremely limited resources, it is still ours! Acknowlidging and accepting the Indian Judicial System's limitations in reality is like respecting the system itself!
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  • Originally Posted by vkumar1
    Anurag, I am a desi vakil who works with desi judges in desi adalats in desi environment.

    Can you tell me please how many corporates have been protected from its creditors, have restructred and companies revived in last 10 years, through Indian Judicial System? Or, are you sitting in America and dreaming of outsourcing Indian Judicial Process over there?

    Please be reasonable while commenting. I don't mind personal remarks (lol - they are like compliments), but at least learn to respect the country's judicial system, whatever kind that is with its extremely limited resources, it is still ours! Acknowlidging and accepting the Indian Judicial System's limitations in reality is like respecting the system itself!

    OK lets assume that a builder file bankruptcy then what are option do we as buyer have. Is our money invested in that project gone. You said you are a desi vakil than please let the people in this forum know what all options desi law provide for people like us who are blocked in under construction projects.
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