judiciary must be in sync with the standards of bankruptcy law requirement: Uday Kotak

judiciary must be in sync with the standards of bankruptcy law requirement: Uday Kotak

Veteran banker Uday Kotak stated on Friday that the judiciary must be in sync with the standards of bankruptcy law requirement.

Addressing at the launch of India’s G-20 Sherpa Uday Kotak’s book ‘Made in India’, “I think we really need to fix the judicial system which is consistent with a bankruptcy law because at the end of the day, if banks lend money, we must be able to recover the money. If we have a problem there, it constrains our ability to take better risk.”

He said that, Indian banks are unable to finance large corporate acquisitions, thus they searched for a cohesive, well-coordinated structure that would enable such bold corporate actions.

Mr. Kotak further said that “…I do believe India has the brain power and the risk management to be able to manage a financial sector which meets the aspirations of all of India’s growth as we go forward.”