History will remember Jaitley as champion of economic freedom: IBBI chief

History will remember Arun Jaitley as the champion of economic freedom in India and the main author of 'the defaulter's paradise is lost', IBBI chief M S Sahoo said.

Jaitley, a senior BJP leader and former finance minister, passed away on Saturday.

Paying tributes, Sahoo said Jaitley ushered in freedom to carry on business and freedom to exit from business, through the Competition Act, 2002 and the Insolvency and Bankruptcy Code, 2016, respectively.

"History would remember him as the champion of economic freedom in India and as the main author of 'The defaulter's paradise is lost'," Sahoo said in a statement.

The Insolvency and Bankruptcy Board of India (IBBI), a key organisation in the insolvency regime, was set up when Jaitley was in charge of finance and corporate affairs ministries.

The reforms in the 1990s focused on freedom of entry, those in the 2000s focused on freedom to carry on business, and reforms in the middle of this decade focused on freedom to exit, the ultimate freedom, Sahoo said.