Finance Minister Arun Jaitley reviews progress of bankruptcy law implementation

The Finance Minister chaired the meeting which was attended by officials of Department of Economic Affairs, Department of Financial Services and Department of Corporate Affairs.

By: PTI | New Delhi | Published: August 23, 2016 7:20 pm
finance minister, Arun jaitley, jaitley. india bankruptcy laws, bankruptcy, business news New Delhi : Union Finance Minister Arun Jaitley addresses at a press conference regarding the Union Cabinet’s clearance of recommendations of the 7th Pay Commission, in New Delhi on Wednesday. PTI Photo.

Finance Minister Arun Jaitley today took stock of steps being taken for implementation of the Insolvency and Bankruptcy Code that seeks to make debt recovery process stronger and quicker.

The Insolvency and Bankruptcy Code, 2016 – notified by the government in May – seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.

The Finance Minister chaired the meeting which was attended by officials of Department of Economic Affairs, Department of Financial Services and Department of Corporate Affairs.

“We have a very tight timeline for implementation of the law. We discussed the roadmap with the Finance Minister,” Shaktikanta Das, Secretary of Department of Economic Affairs Secretary told reporters here.

Under the new law, employees, creditors and shareholders would have powers to initiate winding up process at the first sign of financial stress such as serious default in repayment of bank loan.

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