The enactment of a comprehensive insolvency code is one of the most significant achievements of the incumbent government. Keeping with its commitment to improve the countrys ranking in the World Banks Ease of Doing Business, the government has already initiated steps for implementation of the Code. The swiftness and speed in notifying certain provisions of the Code, the framing of rules and regulations for corporate insolvency and effecting changes to other laws has surprised many.
The Bankruptcy Law Reforms Committee (BLRC) suggested a malleable law in form of the draft Code. It did not codify the last procedural details in the primary law. As has been made clear by the BLRC, malleability is necessary so that any changes to law, on t…
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