Billionaire Anand Mahindra praises new bankruptcy law
Billionaire Anand Mahindra on Thursday praised the newly-enacted Insolvency and Bankruptcy Code (IBC), which provides for resolution of distressed companies. Mahindra said the mechanism for dealing swiftly with company failures allows "entrepreneurship to flourish". Notably, government data shows that over 2,100 companies settled dues worth â¹83,000 crore before action was initiated under IBC.