Novelist Ernest Hemingway is an odd choice to lean on when one thinks of bankruptcy. Gradually, and then suddenly.” Indian corporate and the banking world are shocked, thanks to the Reserve Bank of India’s direction to banks to try defaulters in bankruptcy courts. Gaming the system was a way of life.But with bankruptcy becoming real, a new era has begun. In fact, Prime Minister Narendra Modi told corporate bosses what was in store when he said something that everyone knew, but was hardly talked about in public. Uday Kotak , executive vice-chairman of Kotak Mahindra Bank , tweeted the other day: “India implements 3 momentous changes: GST , RERA (real estate), IBC (Bankruptcy).

Source: Economic Times June 30, 2017 04:41 UTC