It’s a strange twist of fate. Chanda Kochhar, the sacked MD and CEO of ICICI Bank, once used to take decisions to send other companies to bankruptcy courts for loan defaults. But now the company owned by her family, Nupower Renewable Pvt Ltd, has defaulted on loans worth Rs 180 crore, and banks are wondering what to do next. Nupower was infamous for channelling the bribe money from Videocon Industries Ltd, which is also in the bankruptcy courts, to Kochhar. Just days after Videocon received a generous loan from ICICI Bank, it transferred Rs 64 crore to Nupower as loan. The Enforcement Directorate called it bribe money and arrested Deepak Kochhar, promoter of Nupower and husband of Kochhar.

Apart from public sector banks, a host of private banks also have exposure to Nupower. A present CEO of a foreign bank, who was working under Chanda Kochhar in ICICI Bank earlier, was tasked to get loans for Nupower in complete disregard of banking norms.

The chickens have come home to roost and Kochhar’s company will face bankruptcy courts the way several others were sent to NCLT by Kocchar herself.