In another attempt to improve the ease of doing business, the government on Monday introduced the ‘Insolvency and Bankruptcy Code, 2015’ in Parliament that provides for resolution of insolvency within a time frame.
The bill is aimed at promoting investments, which will lead to higher economic growth. Also, it provides for setting up of an ‘Insolvency and Bankruptcy Board of India’ which will regulate professionals, agencies and information utilities engaged in resolution of insolvencies of companies, as well as partnership firms and individuals.
“The Code also proposes to establish a fund to call the Insolvency and Bankruptcy Fund of India…,” said the statement of objects and reasons of the bill tabled in Lok Sabha by Finance Minis…
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