Altico’s story is surreal. It’s an unlisted non-banking finance company (NBFC) founded by three global giants who manage world-wide assets of nearly $ 300 bn. Altico itself has over Rs 500 crore in equity and a net worth of Rs 3,000 crore. Its profits in Q1 this year were over Rs 75 crore. The company had, according to representations to creditors, more than Rs 550 crore in cash – yes, in cash.

And yet it defaulted on a paltry interest payment of under Rs 20 crore to Mashreq bank. Yes, under Rs 20 crore. Bizarre, right?