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Old Must Make Way For New, NITI Aayog’s Kant Defends IBC Ordinance

Amitabh Kant says the IBC ordinance will weed out ‘consciously defaulting promoters’.



Amitabh Kant, chief executive officer of NITI Aayog (Photographer: Anindito Mukherjee/Bloomberg)
Amitabh Kant, chief executive officer of NITI Aayog (Photographer: Anindito Mukherjee/Bloomberg)

The recent amendments to the Insolvency and Bankruptcy Code barring promoters of insolvent assets from bidding for them, are meant to target ‘consciously defaulting promoters’, NITI Aayog’s chief executive officer Amitabh Kant said.

“The old should make way for the new.”

“It's not correct for entrepreneurs to drain out money, come back and acquire the same asset at one-tenth of its original cost,” said Kant on the sidelines of the Global Entrepreneurship Summit 2017 in Hyderabad.