Rajya Sabha on Wednesday approved the long-awaited Insolvency and bankruptcy code bill 2016 passed with all 204 amendments/ recommendation of Join panel led by Bhupinder Yadav.

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While speaking to Zee Business, the Minister of State for Finance, Jayant Sinha said, "This is a landmark bill, which will help in improving the economic condition of our country. Also, it will help in solving NPAs and willful defaulter problem".

"The bill will help in ease of doing business in the country. This is the second biggest bill after GST", said Sinha.

Last week, after the passage of bill in Lok Sabha, officials and experts had said the passing of the legislation before May 31 can help India improve its rankings in the World Bank`s "ease of doing business index".  

The new Insolvency and Bankruptcy Code aims to slash the time it takes to wind up a company or recover dues from a defaulter.

Shaktikanta Das, Secretary Economic Affairs, said in his tweets, "Insolvency and Bankruptcy Code passed in both Houses of Parliament, a huge and game-changing reform measure".