Individual insolvency cases will fall under Finance Ministrys purview
New Delhi, July 3:
The proposed Insolvency and Bankruptcy Board of India is likely to fall under the purview of Corporate Affairs Ministry. This would end the potential turf war between two Central Ministries Corporate Affairs and Finance.
A senior official in Corporate Affairs Ministry told BusinessLine, The board will be constituted by us. We have been given that in writing. It will be a new board.
While individual insolvency cases are looked into by the Debt Recovery Tribunal (DRT) which falls under the Department of Financial Services (Ministry of Finance), the corporate insolvency cases are dealt by the National Company Law Tribunal (…
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