Takata files for bankruptcy over defective airbag crisis 
Japanese airbag maker Takata has filed for bankruptcy protection and its assets would be bought for $1.6 billion by US-based Key Safety Systems. Earlier, defective Takata airbags caused at least 17 deaths which led to the biggest ever recall in the auto industry of over 10 crore cars. Notably, this is the biggest bankruptcy of a Japanese manufacturer.