Attacking the Narendra Modi government over the low debt recovery under the Insolvency and Bankruptcy Code (IBC), the Congress on Friday asked whether it was a mechanism to rescue stressed firms or another tool for “organised loot”.
The party also asked if the IBC was aimed at helping cronies to create monopolies by transferring businesses at throwaway prices.
Addressing a press conference at the Congress headquarters here, party 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 was that it had turned out to be far worse than its predecessor, the Sick Industrial Companies Act (SICA) of 1985, and its Board for Industrial and Financial Reconstruction (BIFR).
