Seeking to improve ease of doing business, government introduced in Parliament the Insolvency and Bankruptcy Code, 2015 that provides for resolution of insolvency in a timebound manner.
The bill aims at promoting investments, leading to higher economic growth.
It also provides for setting up of a Insolvency and Bankruptcy Board of India to regulate professionals, agencies and information utilities engaged in resolution of insolvencies of companies, partnership firms and individuals.
The Code also proposes to establish a fund to called the Insolvency and Bankruptcy Fund of India, said the statement of objects and reasons of the bill tabled in Lok Sabha by finance minister Arun Jaitley.
It further said that a …