It is not just about making matters easier for corporates. Distressed farmers can access relief under pressing circumstances
The Insolvency and Bankruptcy Code (IBC) aims at improving the failing credit market situation in the country. A healthy credit market functions well where the debtor and the creditor have faith that their interests are recognised and protected under law.
Failure to pay debt is a common occurrence but surprisingly, the law dealing with such situations is under-developed, fragmented and unpredictable, to say the least.
This anomaly led to the setting up of the Bankruptcy Law Reform Committee which unlike its predecessor committees, had the tremendous mandate of bringing about comprehensive reforms…
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