Finance Minister Arun Jaitley today took stock of steps being taken for implementation of the Insolvency and Bankruptcy Code that seeks to make debt recovery process stronger and quicker. The Finance Minister today chaired a meeting in this regard in New Delhi which was attended by officials of Department of Economic Affairs, Department of Financial Services and Department of Corporate Affairs. <br/><br/>Secretary of Department of Economic Affairs Shaktikanta Das told reporters after that Ministry have a very tight timeline for implementation of the law and the roadmap was discussed with the Finance Minister.<br/><br/>The Insolvency and Bankruptcy Code, 2016 notified by the the government in May seeks to consolidate and amend laws relating to re-organisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner. <br/><br/>Under the new law, employees, creditors and shareholders will have powers to initiate winding up process at the first sign of financial stress such as serious default in repayment of bank loan.