New Delhi [India], November 25 (ANI): The Union Minister of Commerce and Industry Piyush Goyal on Thursday termed the Insolvency and Bankruptcy Code (IBC), 2016 as a "gamechanger reform" that has been the most successful law in insolvency resolution in the country.

Addressing the fifth Foundation Day function of the Indian Institute of Insolvency Professionals of ICAI (IIIPI) here today, Goyal hoped the faster Insolvency Resolution enabled by the IBC will eventually pave the way for banks to bring down the 'Cost of Credit'.

"Since the enactment of IBC, India's rank in 'Resolving Insolvency' indicator in World Bank's Ease of Doing Business Report has seen a meteoric rise of 84 places! Our recovery rate has also dramatically improved from 26 (cents on dollar) to 71.6 (cents on dollar)," he said.

Goyal said the IBC has brought about a marked shift in attitudes of lenders and borrowers, acting as an effective deterrent against unscrupulous borrowers and imparted banks the tool to follow due diligence and confidence about recovery.

The Minister further said that in view of the Covid crisis, the Centre suspended the IBC for a year, from March 2000 to March 2021.

"This helped India bounce back much faster. The economy is doing well and five years down the line, the outlook looks very, very bright," he said.

Goyal lauded the IIIPI members and said that they are serving the nation's interest by saving businesses and entrepreneurship in the country. "This has a big impact on 'Saving Jobs and Reviving companies' and by creating new banking opportunities," he said. (ANI)