Union Minister of Finance Arun Jaitley said that the Insolvency and Bankruptcy Code, IBC, had changed debtor – creditor relationship in regards to NPA. <br/><br/>He was addressing a National Conference on Insolvency and Bankruptcy: Changing Paradigm, held in Mumbai today. He said that the ultimate objective of IBC is not liquidation of business but to save business.<br/><br/>He assured that the government is taking special efforts to make sure that effective infrastructure is in place. He also said that the court proceedings take too much time; therefore we must liberate these debt recovery tribunals. <br/><br/>RBI governor Urjit Patel was also present on this occasion. While expressing concern over Gross NPA ratio, he assured that the steps have been taken to strengthen the legal framework. He said that the economic challenges needs to be dealt with swift time bound resolution. <br/><br/>While inaugurating the conference, Union Minister of Finance Arun Jaitley also launched the website for National federation for corporate governance.