Also Read | Court orders reset bankruptcy rules. Now, the govt is amending the law
A system of advance ruling on bankruptcy-related laws similar to that existing for income tax would also help, it said in recommendations to the government after studying the working of Insolvency and Bankruptcy Code (IBC).
It said a dedicated IBC mediation and arbitration centre, expanding the scope of the existing informal debt resolution framework for micro, small and medium businesses and a special set of measures including a fast-track scheme for bankruptcy resolution of defunct companies, could speed up the way India addresses sickness among businesses and fetch better outcomes.
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