Stop rescuing ailing companies like Air India: K J Alphons

BJP member KJ Alphons on Monday said heavy-loss making companies such as Air India should not be allowed to continue as these have become a resource drain to the exchequer.

Participating in the debate on the Insolvency and Bankruptcy Code (Amendment) Bill 2019, the former minister said companies fall sick as they lack in ethics and morality.

"The fundamental principle we must accept is that unlike in human beings whatever must die must die. Look at Air India, Rs 60,000 crore of people's money, your money, people's money eaten away and there are people who say that Air India should be salvaged. We must let them die and not allow to eat more and more of our resources," the former bureaucrat said.

He further said, "How long do you want these companies on ventilator? For 70 years these companies are on ventilator. It is our money, poor people's money that has been eaten away."