New Delhi, May 4:
A bankrupt person would stand automatically disqualified from becoming a law-maker once the new legislation that looks to slash the time it takes to wind up a dying company or recover dues from a defaulter is enacted.
According to a clause in the Insolvency and Bankruptcy Code, 2015, the bankrupt would stand disqualified from being appointed or acting as a public servant or being elected to any public office from the date of commencement of proceedings.
The draft legislation provides for disqualification unless exempted by the Adjudicating Authority.
But a 30-member Joint Committee of Parliament, headed by BJPs Bhupender Yadav, has recommended not giving discretion to the Adjudicating Authority to exempt th…
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