Section 224 of the code creates an insolvency and bankruptcy fund that will receive grants from the Central government, deposits from any person or any other source.
On December 21, 2015, the Insolvency and Bankruptcy Bill, 2015, was introduced as a money bill in the Lok Sabha. This is disconcerting because money bills have a special place in our Constitution. Article 110 mandates that a money bill must only entertain provisions dealing with the imposition, abolition, remission, alteration or regulation of any tax; the regulation of borrowings by the government of India and the reg…
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