Suggests Insolvency Code should apply on foreign assets of personal guarantor too
New Delhi, April 28:
In an employee friendly move, a Parliamentary Panel has pitched for faster and enhanced payment of workmen dues and employee wages in the corporate insolvency process.
Not only has the Joint Committee on the Insolvency and Bankruptcy Code 2015 recommended enhanced payments to employees, it has also modified the order of priority of distribution of sale proceeds of liquidation assets, giving a better deal to employees.
In its report, tabled in Parliament on Thursday, the Joint Committee has suggested that workmen dues to the extent of twenty-four months preceding liquidation commencement date be considere…
Read the full article at: http://www.thehindubusinessline.com/companies/corporate-insolvency-parliamentary-panel-seeks-better-deal-for-workmen/article8532761.ece