India recently passed a new bankruptcy code that promises tougher action against corporate defaulters. But, as lawyers tell Ranajit Dam, having it implemented quickly and easily might be a challenge. With reporting by Manoj Kumar of Reuters
According to the World Banks Ease of Doing Business Rankings 2016, India ranks 130 out of 189 economies, about 100 places be-low Slovenia, and nearly 50 places below Guatemala. Reasons behind this range from poor access to credit and difficulties in pay-ing taxes, to the insolvency framework in that regard, India ranks 136.
But that last part looks set to chance after Indias upper house, the Rajya Sabha, last month passed a new bankruptcy code to take tougher action against corporate defaulters…
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