Insta
Insolvency And Bankruptcy Law To Be Operational By Year End
Swarajya Staff
Oct 25, 2016, 03:45 PM | Updated 03:45 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The government expects the entire Insolvency and Bankruptcy Law to become operational by end-December, Economic Affairs Secretary Shaktikanta Das said today (25 October).
"We have a definite roadmap to implement the bankruptcy law, the Ministry of Corporate Affairs is working on it, the Law Ministry, the Legislative Department have played a very significant role in finalising the legislation and they will continue to have a very significant role in also finalising the regulations," he said, at an event organised by Assocham in New Delhi.
Talking about how a clear roadmap has been drawn up, he added that the Ministry of Corporate Affairs has already published certain draft regulations and has invited comments, other regulations and rules are under preparation and they will be put in the public domain for consultation.
"Now it is the responsibility of both government and industry bodies and every category of professionals to develop information utilities, to develop insolvency professionals and take the implementation of this law forward and see that it is fully implemented and the economy and country are able to get its full benefits," said Das.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.