Insolvency and Bankruptcy Code, IBC, is one of the major reforms of the NDA government in the last eight years. Implementation of IBC has made loan disbursement easier and helps in reducing distressed loans i.e. NPAs by cracking down on defaulters.<br />”&nbsp; &nbsp; &nbsp; &nbsp;<br />”Prior to the IBC, the legislative framework for insolvency and restructuring was fragmented across multiple legislations which was very complicated. It was very tough and time-consuming for businesses as well for banking system to resolve disputes regarding it. Taking efforts for ease of doing business the Modi government repealed irrelevant laws and implemented IBC to improve financial health of the banking system and credit environment in India.<br />”<br />”With implementing of IBC, there is no requirement of compliance of many rules regarding credit and insolvency. Many industrial activities have been decriminalized under the Companies Act 2013. An advocate Sharad Punj from Jabalpur said the government has repealed many irrelevant laws in the last eight years which is a great relief for common people in this regard.<br />”<br />”Due to reform of IBC, India which was ranked 136th in the World Bank Resolving Insolvency Index in 2017, jumped to 52nd position in 2020.&nbsp; This Index is one of the parameters to measure ease of doing business ranking in the world. Through the implementation of IBC, government has improved financial condition of the employment, business, banking and financial sectors. The government has achieved remarkable success in protecting the taxpayers money.&nbsp;<br />