“Enactment of the Bankruptcy Act will be a defining event as regards the development of the corporate debt market,” he said at the 17th Annual Conference of FIMMDA-PDAI last week in London.
The Insolvency and Bankruptcy Code 2015 is before the Lok Sabha and is being examined by the Joint Committee of Parliament. It will replace the existing bankruptcy laws.
The proposed law will cover individuals, companies, limited liability partnerships, partnership firms and recommends a time-bound framework — 180 days, extendable by another 90 days.
Currently, it takes…