New Delhi: In yet another reform push, the Rajya Sabha on Tuesday passed the Debt Recovery Bill which will help lenders to recover loans faster and clean up their balance sheets now burdened with Rs 8 lakh crore of stressed assets.
The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill was passed through a voice vote after Finance Minister Arun Jaitley explained the need for amending old laws especially the SARFAESI ACT.
The Bill comes after the landmark Insolvency and Bankruptcy Code, which was passed by Parliament in the Budget session, which paved the way for early winding up of ailing companies and faster recovery of bank loans and other statutory dues.
On…
Read the full article at: http://www.btvin.com/article/read/policy/6806/parliament-passes-debt-recovery-bill-to-help-lenders-recover-npas