SME Times is powered by   
Search News
Just in:   • Iron Pillar to raise $400 mn to empower Indian tech startups: Report  • Crypto lending platform Celsius lays off 150 employees  • TN signs investment MoUs worth Rs 125,244 cr  • Need for national-level awareness about organ transplant surgeries, donation in India: Doctors  • Small-cap indices witness sharp correction from the highs of Oct'21 
Last updated: 12 May, 2016  

Bankruptcy.Thmb.jpg Bankruptcy code passed by Rajya Sabha

parliament-house122012.jpg
   Top Stories
» 'Time to move from 'Volume' to 'Value' leadership in Pharma market'
» Large borrowers' loan accounts and bad loans decline: RBI
» Kharif 2022: Rice, oil seeds sowing less, pulses, coarse cereals more over 2021
» RBI hits hard on Bitcoin, DeFi, crypto trading platforms
» Import duty on gold increased, may not impact demand
SME Times News Bureau | 12 May, 2016
Parliament on Wednesday passed the Insolvency and Bankruptcy Code 2016, a key reform that will make it much easier to do business in India and help the recovery of bad loans for banks.

The bill, passed by the Lok Sabha last week, seeks to overhaul the laws regulating insolvency amid a surge in bad loans.

It also seeks to amend the laws, including the Companies Act, to become an overarching legislation.

Officials and experts say the passage of the legislation before May 31 can help India improve its rankings in the World Bank's "ease of doing business index".

At present, on the parameter of resolving insolvency, India is ranked 136th among 189 countries. The new code seeks to replace the existing century-old bankruptcy laws and provide a time-bound process for resolving insolvency issues.

It will cover individuals, companies, limited liability partnerships and partnership firms.

"Bankruptcy code creates Framework for timely revival or resolution of companies in distress. Will help all stakeholders," Economic Affairs Secretary Shaktikanta Das said in a tweet.

"It's a big day for economic reforms in India. The country moves ahead towards higher growth," he said in another tweet.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 04 Jul, 2022
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» China's forex reserves reach USD 2.85 trillion(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter