Bankruptcy law will improve ease of doing business in India: Shaktikanta Das
Advertisement
Advertisement
According to a top
"
A government-appointed panel had yesterday 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 T K Vishwnathan, also proposes early identification of financial distress so that steps could be taken to revive the ailing companies.
Advertisement
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.
Image credit: Indiatimes
Advertisement
Advertisement
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024
- From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh