The work relating to bankruptcy and insolvency has been taken out from the domain of Finance Ministry and given to Corporate Affairs Ministry.
The administration of insolvency and bankruptcy code, which was until now handled by the Department of Economic Affairs under the Finance Ministry, will now be under Ministry of Corporate Affairs, according to an order by Cabinet Secretariat.
President Pranab Mukherjee had recently approved necessary changes in Government of India (Allocation of Business) Rules, 1961, which governs working of the central government departments, in this regard, it said.
Since December last year, the work related to legislation on bankruptcy and insolvency was under the …
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