Lok Sabha clears insolvency and bankruptcy code

The bill aims to regulate insolvency including time-bound recovery of dues

GN Bureau | May 6, 2016


#bad loans   #banks   #loan recovery   #bankruptcy   #Insolvency  


 As the banking sector reels under bad loans, the Lok Sabha on Thursday cleared the Insolvency and Bankruptcy Code that aims to regulate insolvency including time-bound recovery of dues from defaulters. It will now have to be cleared by the Rajya Sabha before becoming a law. 

 
Talking about the Bill, minister of state for finance Jayant Sinha said that it would help India climb in the World Bank rankings of ease of doing business. In the Bank’s last report, India ranked 130 out of the 189 countries assessed in the aforementioned area. 
 
Sinha added that the proposed bill would simplify the current insolvency process with one law rather than about a dozen laws which exist to tackle insolvency. 
 
 

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