Finance and corporate affairs minister Nirmala Sitharaman on Monday said the decade-old insolvency law has been instrumental in improving the health of the country's banking sector by rescuing stressed firms and ensuring recovery of bad loans, as the Lok Sabha passed a bill to amend the legislation. Replying to a discussion on Insolvency and Bankruptcy Code (IBC) Amendment Bill, 2025, in the lower house, Sitharaman said it rolls out new resolution frameworks, stipulates strict timelines and streamlines processes to expedite the rescue of stressed firms.