The Insolvency and Bankruptcy Code (IBC) has been one of the major reforms of the past five years.
It promised to effectively solve what former Chief Economic Advisor Arvind Subramanian has called the “exit problem”, in which capital continues to be tied up in unproductive units long after it should have been released. The additional benefits were that, first, it would improve the incentives facing promoters who have traditionally believed that they could hold on to their companies even when running them into the ground; and second, that it would aid public sector banks in ...
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