All you need to know about India’s proposed Insolvency and Bankruptcy Code – The Indian Express

The government plans to repeal an ineffectual, century-old insolvency law and amend 11 laws currently dealing with defaulters.

Indias Insolvency and Bankruptcy Code, which may soon win parliamentary approval, would significantly strengthen the hand of banks in resolving a $100 billion bad loan headache.

Experts caution, however, that it would take years to train up a new class of insolvency professionals and compile debt records.

Here are some of the highlights of the bankruptcy code:

Unified Bankruptcy Code

The government plans to repeal an ineffectual, century-old insolvency law and amend 11 laws currently deal…

Read the full article at: http://indianexpress.com/article/business/business-others/all-you-need-to-know-about-indias-proposed-insolvency-and-bankruptcy-code/