Small companies also account for a sizeable proportion of the organized sector workforce in the country. Illustration: Jayachandran/Mint
Arvind Subramanian had once said that India has moved after 1991 from socialism without entry to capitalism without exit. The recent sight of some of the biggest Indian companies being put on the auction block by creditors thus constitutes nothing more than a revolution in Indian capitalism.
The first few months since the Insolvency and Bankruptcy Code (IBC) was put into place has also presented several conundrums. Should promoters of defaulting companies be allowed to bid for companies that they are losing control of? How should creditors treat bids that are generated outside the insolvency process? Are …
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