bengaluru, July 28 Insolvency & Bankruptcy Board of India (IBBI) Chairman M S Sahoo today said the new Insolvency and Bankruptcy Code provided the ultimate economic freedom,the freedom to exit, and described it as the “biggest” economic reform in recent years.
The code seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
The economy witnessed freedom of entry in 1990’s, freedom of competition in 2000’s and the code now provided the ultimate economic freedom- freedom to exit, and also a mechanism to address honest, relative failures, Sahoo said. He said it enables honest firms inundated by fear of failu…
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