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. 
 
 

Comments

 

Other News

BMC: 207 officials in ACB net, 112 still on duty, 68 retire before justice catches up

There are significant delays in the handling of corruption cases involving officials of the Brihanmumbai Municipal Corporation (BMC), a Right to Information (RTI) response obtained by rights activist Jeetendra Ghadge has revealed. As of 30 April 2026, 207 BMC officials face Anti-Corruption Bureau (A

The transformation trap: Why efficiency is not innovation

Every company is transforming, or so it claims.   There was a time when the word ‘transformation’ carried weight. It signified bold strategic shifts, reinvention of business models, and breakthrough technologies that fundamentally changed how organizations created

The Sardar biography that throws light on our times

Patel: A Life By Rajmohan Gandhi Aleph Books, 568 pages, Rs 1,199   There are many biographi

Climate change, El Niño rewrite Indian monsoon

The month of July exceeded its rainfall target despite forecasts of a below-normal month under a strengthening El Niño. The reason could be that climate change is amplifying monsoon complexity: West Pacific warming, Western Disturbances and evolving ocean conditions increasingly interact with El Ni&

Mumbai has just 1.28 sq.m. of open space per person: Study

Mumbai`s public space crisis is as much about mismanagement as it is about scarcity, and offers a governance roadmap that can be implemented without new legislation, according to a new report by the Urban Design Research Institute (UDRI) and the NGO Alliance for Governance and Renewal (NAGAR).  

Lok Sabha passes amendment bill to improve public examination system

The Lok Sabha on Wednesday passed the Public Examinations (Prevention of Unfair Means) Amendment Bill, 2026 by a voice vote after an extensive discussion. Replying to the debate, minister of state (independent charge) for science & technology; earth sciences and MoS in the PMO, Dr. Jite

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter