A code to tackle insolvency, bring in more regulation – Deccan Herald

Being bankrupt is a state of inability to repay debts to creditors. The current legal and institutional framework does not aid lenders in effective and timely recovery, or restructuring of defaulted assets, causing undue strain on the credit system.

At present, there are multiple overlapping laws and adjucating forums dealing with financial failures and insolvency. The banks and affected parties looked up to the Sick Industrial Companies Act, the Recovery of Debt Due to Banks …