IBC has brought change in attitude of lenders, borrowers says Goyal

Photo: PTI

Insolvency code changed its approach: Goyal

New Delhi. Commerce and Industry Minister Piyush Goyal said the Insolvency and Bankruptcy Code (IBC) has changed the outlook of both lenders and borrowers apart from promoting ease of doing business. Goyal said that the IBC is a revolutionary reform as compared to the past, when it might have taken decades to resolve the bad debt issue.

“We have come to a position where logically we can expect a solution within a stipulated time frame with occasional delays. But the solution is happening. It is a reality,” he said. Goyal made these remarks in his address on the fifth foundation day of the Indian Institute of Insolvency Professionals of ICAI (IIIPI). “We have been able to bring about a change in the attitude of both lenders and borrowers due to IBC and your efforts. This has given us the confidence that money can be recovered,” he said. The Minister also expressed confidence that there will be significant affirmative action going forward in terms of what is good for India’s credibility and its financial structure.

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