Govt to introduce bankruptcy bill in Parliament today
December 21, 2015 08:13
The government will today introduce the bankruptcy bill in Parliament, which when enacted will improve ease of doing business in India.
"Finance Minister will introduce Insolvency and Bankruptcy bill in Parliament," Economic Affairs Secretary Shaktikanta Das tweeted.
He said the legislation on Goods and Services Tax will follow the bankruptcy bill.
"Next GST, it's the biggest reform. Next to GST, Bankruptcy legislation will be the biggest reform," Das said.
With a view to promoting ease of doing business and spurring economic activities, a government-appointed panel had last month suggested a modern bankruptcy law to deal within 180 days the insolvency cases that may arise on account of business failures or economic downturns.
The draft legislation prepared by the panel also proposes early identification of financial distress so that steps could be taken to revive the ailing company.
TOP STORIES
© 2024 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Feedback - About us - Terms of use - Grievances