In his Union Budget speech of 2014-15, the finance minister had announced the development of an effective bankruptcy code for easy exit. Following this announcement, the Viswanathan Committee was set up on August 22, 2014, to study the corporate bankruptcy legal framework in India. Commendably, within a short span of time, a comprehensive Insolvency and Bankruptcy Code, 2015, was introduced in Parliament, after public consultation; it consolidates individual insolvency, insolvency of LLPs (limited liability partnerships), unlimited liability partnerships and corporate insolvency.
The code was referred to a joint Parliamentary committee of both the Houses for scrutiny. The report was presented to the Lok Sabha on April 28, 2016, …
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