New Delhi: A new law on bankruptcy aimed at improving the ease of doing business will be introduced in Parliament at the earliest, a top finance ministry official said on Thursday.
Bankruptcy law will improve ease of doing business in India. The government will try to introduce the bill in Parliament at the earliest, Economic Affairs Secretary Shaktikanta Das said in a tweet.
A government-appointed panel had on Wednesday suggested a modern bankruptcy law to deal with insolvency cases within 180 days that may arise on account of business failures or economic downturns.
The draft legislation prepared by a panel, headed by former Law Secretary TK Vishwnathan, also proposes early identification of financial distress so that steps could be taken to revive the ailing companies.
Vishwnathan had presented the Bankruptcy Law Committee Report to Jaitley in New Delhi on Wednesday.
Finance Minister Arun Jaitley had said the government would try to introduce a bill dealing with bankruptcy law in the forthcoming Winter Session of Parliament.
The panel’s report, which entails the draft legislation, noted that the recovery rates obtained in India are among the lowest in the world.
It proposes to establish an Insolvency Regulator to exercise regulatory oversight on insolvency professionals and agencies. The committee’s report has been put up on the Ministry’s website. Comments and suggestions on the report have been invited till November 19.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
UK Government announces £10 million for small businesses to kickstart tourism
Aditya Birla Sun Life Insurance launches Child’s Future Assured Plan
Andy Edwards appointed Springboks new Head of Athletic Performance
Sonalika records 55% growth in domestic volume in June’20. Outpaces industry growth at 23%
Liberty General Insurance Introduces ‘Liberty Assure’ –
2014 The Global Indian New Network (TGINN)