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.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more