The Minister of State for Finance and Corporate Affairs, Arjun Ram Meghwal has expressed his confidence that the Insolvency and Bankruptcy Code (IBC), 2016 will help to improve India’s ranking in terms of ease of doing business as well as promote economic growth. He also said that implementing IBC has become the Centre’s highest priority.
Meghwal has stated that the code is a key economic reform and the whole objective is to provide a market determined, time-bound mechanism for orderly resolution of insolvency, wherever possible and ease of exit, wherever required. He further said that the government is confident that India will attain such commanding position and it has been building right kind of institutions and undertaking appropriate reforms towards this end.
The minister also highlighted that a regulator is duty bound to guide and steer the market forces in the right direction, and not be intrusive. He appreciated the progress made so far by the Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of India (IBBI) to implement this reform and advised that this reform should be suitably disseminated at international fora.