Parliament today passed a bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. (Reuters)
Parliament today passed a bill that seeks to create time-bound processes for insolvency resolution of companies and individuals.
Insolvency is a situation where an individual or a company is unable to repay their outstanding debt.
The Insolvency and Bankruptcy Code Bill was approved by the Rajya Sabha by voice vote after a brief debate. The Lok Sabha had passed it on March 5.
Replying to a debate on the bill, Minister of State for Finance Jayant Sinha termed it as a historic legislation.
The minister allayed apprehensions about the possibility of declaration of repeated bankruptcy …
Read the full article at: http://www.financialexpress.com/article/economy/rajya-sabha-passes-insolvency-and-bankruptcy-bill/253183/