Under the bankruptcy bill, a debtor could be jailed for five years for concealing property or defrauding creditors. (File Photo)
New Delhi: The Rajya Sabha passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover nearly 8 lakh crore in troubled loans.
Prime Minister Narendra Modi, who completes two years in office this month, had promised to introduce the code to address bank debts and improve ease of doing business in Asia’s third largest economy.
The government’s efforts to clip the wings of high-profile debtors suffered a setback in March when tycoon Vijay Mallya flew to London as bankers pressed him to repay…
Read the full article at: http://www.ndtv.com/india-news/insolvency-bill-passed-by-parliament-1405276