While the speed with which the government has brought about the new legislation deserves to be applauded, the absence of many significant provisions takes the sheen off an otherwise much-needed piece of reform.
The Bombay Stock Exchange. Source: BSE
The passing of the Insolvency and Bankruptcy Code by parliament has finally paved the way for a much-needed modern framework to deal with the insolvency and bankruptcy of corporate entities and natural persons in India. While many financial sector laws have undergone a massive transformation after the liberalisation of the economy, the insolvency law, which is an essential part of any countrys financial architecture, remained outdated and unreformed, with the rehabilitation or winding up of…
Read the full article at: http://thewire.in/2016/05/14/indias-new-bankruptcy-law-is-welcome-but-falls-short-of-a-home-run-36159/