Business Crony capitalism in India ended with insolvency code, says Niti Aayog CEO Updated : June 14, 2018 10:53 AM IST Kant said the banks were going bust because the advances by the lenders were not repaid and the government had to bring some discipline With the unearthing of fraud cases like Nirav Modi incident, the government was held accountable and it appeared to be a regulatory failure, he added. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.