FM Nirmala Sitharaman highlights the success of IBC in resolving cases and improving corporate governance. IBC rescued 3,171 distressed companies in 7 years, contrasting with less than 3,500 cases resolved by BIFR in 30 years. The law promotes responsible credit behavior and prioritizes resolution over liquidation, aiding in job preservation and asset value. Sitharaman credits IBC for helping banks recover from the NPA crisis and building trust in the financial system.
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