Arun Jaitley defends IBC ordinance says no loan waiver for big defaulters Arun Jaitley says under the new Insolvency and Bankruptcy Code, cases have been instituted in NCLT for time-bound recovery from 12 largest defaulters in 6-9 monthsFinance minister Arun Jaitley on Tuesday defended recent steps taken by the government to tackle bad loans in the Indian banking system and blamed aggressive lending during the years the United Progressive Alliance (UPA) was in power for the pile-up of toxic assets. In a blog, the finance minister also defended amendments to the Insolvency and Bankruptcy Code (IBC) through an ordinance aimed at keeping wilful defaulters away from regaining control of their assets The government has been criticized by opposition parties for introducing amendments to IBC through an ordinance. The ordinance, which came into effect last week after receiving the President’s signature, bars errant promoters of defaulting companies as well as guarantors to the debtor,