Terming Insolvency and Bankruptcy Code as a "seminal reform", Chief Economic Adviser KV Subramanian on Friday said it has been instrumental in changing the mindset of promoters of businesses by making them more accountable. Before IBC, he said, there used to be this feudalism, where the corporate debtor took it as the divine right to be in control. "One big change that the IBC has brought is that it has ended feudalism of the promoters in a capitalistic society. There is absolutely no space for feudalism in an economic society which is actually based on freedom," he said at the 5th annual day of the Insolvency & Bankruptcy Board of India (IBBI). In a democracy or a free society, he said, there is no space for feudalism. Talking about resistance to reforms in a democracy, he said it comes from a vocal minority who have access to corridors of power. In any democracy, when you think about reform, there is always this tussle between two sets of stakeholders, one that is a vocal ...
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