Lauding the Insolvency and Bankruptcy Code (IBC) on its third anniversary, Finance Minister Nirmala Sitharaman has said that it has improved business climate in the country by making it easier for enterprises to exit in case of difficulties. She also added that very constant real time changes were brought in by IBC.
Finance Minister noted that IBC has created a set of professionals who help, advise and also show the path through which businesses can exit if situations are adverse. Besides, she said ‘There is scope for enterprise in this country really wanting to benefit from such facilitating environment. Banks feel very relieved that there is a mechanism now. Today, much before admission, a lot of them are getting resolved.’
Sitharaman further said ‘We have reached a stage where we can stand up for international standards in ease of doing business and ease of doing business is the one which is also going to help us very clearly for people wanting to do business and not fear doing business because you are not going to get into this and not know the way to come out.’