As the insolvency and Bankruptcy Code (IBC) completed two years, union finance minister on Thursday wrote a blog on Facebook listing out its achievements. Jaitley also targeted the previous UPA government, “The Congress left behind the legacy of an anachronic system of resolving commercial insolvency”, he wrote.
“The NDA Government headed by Shri Atal Bihari Vajpayee has enacted the SARFAESI Law which proved to be much better than the earlier mechanism”, he wrote.
Explaining the mounting Non-Performing Assets (NPAs), Jaitley said, “During 2008-2014,Banks lent indiscriminately. This lead to a very high percentage of NPAs which was highlighted by the Asset Quality Reviews of the RBI. This led to a prompt action by the Government, app…
Read the full article at: https://www.dnaindia.com/business/report-two-years-of-insolvency-and-bankruptcy-code-congress-left-behind-legacy-of-an-anachronic-system-says-fm-arun-jaitley-2703763
