The Congress on Friday attacked the government over the low debt recovery under the Insolvency and Bankruptcy Code and asked whether it was a mechanism to rescue stressed firms or another tool for organised loot”.
The Opposition party also asked whether the Insolvency and Bankruptcy Code (IBC) was aimed at helping cronies for creating monopolies by transferring businesses at throwaway prices.
Addressing a press conference at the AICC headquarters here, Congress spokesperson Gourav Vallabh said the IBC of 2016 was billed as a game changer and one of the big-ticket economic reforms by the Modi government but the reality is that it has turned out to be far worse than its predecessor the Sick Industrial Companies Act (SICA) of 1985, and its…
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