(PTI)
Over Rs 2 lakh crore worth of loan defaults have been settled and fresh addition of non-performing assets of financial institutions has also come down after the Insolvency and Bankruptcy Code (IBC) came into being in 2016, said a top government official here Friday.
“I do not want IBC to be the first resort, we wanted it to be the last resort. What is the situation today is exactly that (last resort),” secretary to Ministry of Corporate Affairs Injeti Srinivas said.
He was speaking at the inaugural session of a three-day international conference on ‘Insolvency and Bankruptcy Laws: Global Response’ organised by ICFAI Law School, in association with Delaware Law School, Widener University and Insolvency and Bankruptcy Board of India.
