The Insolvency and Bankruptcy Code, 2015, moved by the NDA government on Monday (21 December) in the Lok Sabha as a money bill, is probably more important for the future of Indian capitalism than the Goods and Services Tax (GST) bill on which a lot of political capital has been expended.
Representational image. Reuters
Even keeping aside the Congress partys politically-motivated stalling of the GST Bill, GST is contentious because of its implications for fiscal federalism. But only crooks and crony capitalists need to be afraid of the Bankruptcy Code, which provides for a faster resolution of insolvency cases to help lenders retrieve at least a part of their cash. Even a bloody-minded Congress party cant kill the bill in the Rajya Sabha, a…
Read the full article at: http://www.firstpost.com/business/bankruptcy-bill-the-fight-against-crony-capital-now-has-two-legs-2555738.html