Earlier than IBC implementation, there was feudalism: CEA Subramanian

Earlier than IBC implementation, there was feudalism: CEA Subramanian

Chief Financial Advisor Krishnamurthy Subramanian on Friday stated that earlier than the Insolvency and Chapter Code (IBC) was applied, there was feudalism.

Talking at a digital occasion organised by the Confederation of Indian Business (CII), the CEA stated, “Earlier than IBC, there was feudalism the place the company debtor took it to be his or her divine proper to be in management.”

“However I believe the excellent factor that I’ve truly noticed now’s that there’s a very clear recognition that these days are gone; that you recognize, that feudalism truly is one thing that ain’t coming again.”

Subramanian acknowledged that the transfer away from feudalism is a hard-fought battle as the sooner system enabled these in the established order to proceed benefiting from it.

The Insolvency and Chapter Code, 2016 was launched in Might 2016 to resolve claims involving bancrupt firms.

(Solely the headline and film of this report could have been reworked by the Enterprise Commonplace employees; the remainder of the content material is auto-generated from a syndicated feed.)

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