Help of judiciary must to make IBC effective, says Arun Jaitley

Regulations are viewed by some as giving upper hand to lenders reeling under Rs 8 lakh cr of NPAs

Finance Minister Arun Jaitley on Saturday said debtors taking banks for granted was over with the introduction of the Insolvency and Bankruptcy Code (IBC), but the judiciary would have to adhere to timelines to make the process truly effective.

“The message in the legislation is loud and clear: a debtor would certainly have to make sure that their debts are serviced,” Jaitley said. He added that IBC’s objective was to save the company concerned, rather than push it towards insolvency.

The new regulations are viewed by some as giving upper hand to lenders who are reeling under Rs 8 lakh