New Delhi: Finance minister Arun Jaitley on Tuesday asked finance and corporate affairs ministry officials to implement the Insolvency and Bankruptcy Code, 2016 in a time-bound manner to achieve the goals of the new law.
Parliament on 11 May passed the Code, which will ensure smoother settlement of insolvency, enable faster turnaround of businesses and create a database of serial defaulters. It is also likely to help India move up from its current rank of 130 in the World Banks ease of doing business index.
The bankruptcy law is overarching in its nature, covering individuals, companies, limited liability partnerships and partnership firms, and will also deal with corporate insolvency.
The law on bankruptcy envisages creatin…
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