Amitabh Kant, CEO, Niti Aayog, on Thursday said that the Insolvency and Bankruptcy Code (IBC) being a new law, is still at a nascent stage, but it would mature in the days to come.

While a number of stressed companies have been brought under the IBC for resolution, only a handful of smaller cases have been resolved so far. It is to be noted that the process of resolution in the first dozen large companies featuring in the Reserve Bank of India's list, is far from being complete. A number of these companies have already crossed their mandated 270-days timeline for successful resolution.

According to him, initiatives such as the IBC and RERA are capable of bringing about “transformational changes’’ to the economy at large.

"IBC is a new law and there are some teething problems, but it should mature; resolutions will happen," he said answering to a a query about the efficacy of the code in resolution of stressed companies.

Kant was talking to newspersons on the sidelines of an interactive session organised by the Indian Chamber of Commerce here today.

Talking about new age technology such as Artificial Intelligence (AI) and block chain, Kant said India should embrace this technology. Allaying fears of job loss, he said, "There will be no shortage of jobs; there will only be different kinds of jobs. India will need to re-skill."

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