In the World Banks pecking order of ease of doing business India ranks 130th among 189 nations. And on the vexed parameter of closing down of business, even further down–136th. It takes on an average 4 years to wind up and liquidate a business. It is hoped that this would be drastically reduced to just one year once the Insolvency and Bankruptcy Code 2016 kicks in.
Representational image. AFP
The National Company law tribunal (NCLT) would be the arbiter of the fortunes of sick companies which turn away their creditors and who thereafter knock at the doors of the Tribunal which would within 90 days find modus vivendi for revival failing which assets would be sold, period. And during this cooling off period, no coercive proceedings can …
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