Responding to the debate on the Insolvency and Bankruptcy Code (IBC) in the Lok Sabha, Union Finance Minister Nirmala Sitharaman said on Thursday: “Business failures should not be tabooed, or looked down. On the contrary, we should give an honourable exit or resolution to the problem in letter and spirit of the IBC.”
Referring to the death of Café Coffee Day founder V.G. Siddhartha, she said business failures should not be tabooed.
Siddhartha’s body was found on the banks of the Netravathi river in Karnataka on Wednesday.
In a letter purportedly written by him, Siddhartha alleged, among other reasons, harassment by the Income Tax Department as cause for his extreme step. The I-T department has denied the charges.
