New Delhi: Reacting to the death of Cafe Coffee Day founder V G Siddhartha, Finance Minister Nirmala Sitharaman on Thursday said business failures in the country should not be tabooed, or looked down upon. Responding to a debate on the Insolvency and Bankruptcy Code (IBC) in the Lok Sabha, Sitharaman said that businessmen should get honourable exit or resolution to the problem in letter and spirit of the IBC.

"In this country business failure should not be tabooed. It should not be looked down upon. It should not be treated as a curse," Sitharaman said. On the contrary, through proper legitimate resolutions, "we should give an honourable exit" from business if that is what the entrepreneur wants, or a resolution to the problem so that the entity can be a going concern with newer equity participants coming into the picture, she added. Sitharaman further said "the letter and spirit" of IBC and the frequent amendments which are coming in response to the developing situation outside are "all in keeping with this spirit".