Business failures should not be tabooed: Sitharaman

Reacting to the death of Café Coffee Day founder V G Siddhartha, Finance Minister Nirmala Sitharaman said business failures should not be a taboo.

Responding to the debate on the amendments to the Insolvency and Bankruptcy Code (IBC) in Lok Sabha on Thursday, Sitharaman said, “Business failures in this country should not be a taboo, or looked down upon. On the contrary, we should give an honourable exit or resolution to the problem in letter and spirit of the IBC.”

In the letter, purportedly written by Siddhartha, there was mention of harassment by the Income Tax Department. The I-T department has denied the charges.