Bankruptcy law will improve ease of doing business in India: Shaktikanta Das
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According to a top
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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.
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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
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