New Delhi, May 28 -- Union Finance Minister Nirmala Sitharaman said the Insolvency and Bankruptcy Code (IBC) has strengthened India's financial system and helped in the faster revival of distressed businesses as the insolvency law completed 10 years of implementation.

In a social media post, the Finance Minister said the Insolvency and Bankruptcy Code, 2016 marked a decisive shift from a fragmented and debtor-controlled process to a unified, creditor-driven and time-bound resolution framework.

"The Insolvency and Bankruptcy Code, 2016 marked a decisive shift from a fragmented, debtor-controlled process to a unified, creditor-driven and time-bound resolution framework. IBC has strengthened India's financial system and supported the faste...