Last Modified: Thu, May 12 2016. 01 06 AM IST
Rajya Sabha passes Insolvency and Bankruptcy Code 2016; implementation will be the key, say analysts
The Rajya Sabha on Wednesday passed the Insolvency and Bankruptcy Code 2016, a vital reform that will make it much easier to do business in India.
Once the President signs the legislation, India will have a new bankruptcy law that will ensure time-bound settlement of insolvency, enable faster turnaround of businesses and create a database of serial defaulters.
But implementation will remain the key, analysts point out, as the new code is presaged on the creation of a complementary eco-system including insolvency professionals, information utilities and a bankruptcy regula…
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