No need to escalate one case to reflect everything to do with IBC, says Sitharaman
Updated : October 21, 2019 07:33 AM IST
Finance minister Nirmala Sitharaman has said that uncertainty arising out of one case should not be generalised about the efficiency and effectiveness of Insolvency and Bankruptcy Code.
Her comments came amidst the alleged Rs 4,355 crore fraud at Punjab and Maharashtra Co-operative (PMC) Bank. The alleged loan fraud at the bank came to light after the Reserve Bank of India found irregularities and imposed restrictions on the lender last month.
IBC aims to protect the interests of small investors and make the process of doing business less cumbersome.