Bill in Lok Sabha to consolidate, amend all bankruptcy laws
New Delhi, December 21:
The Modi-led government has taken a big step towards putting in place an effective legal framework for insolvency resolution in a time-bound manner.
A Bill to consolidate and amend all laws relating to insolvency resolution so as to tackle the issue of undue delays was introduced in the Lok Sabha by Finance Minister Arun Jaitley on Monday.
Significantly, this Bill has been introduced as a money Bill, which means Rajya Sabha cannot reject or amend it once it is passed by the Lower House.
The proposed legislation the Insolvency and Bankruptcy Code 2015 fixes a time limit of 180 days, extendable by a further 90 days, for completion of the…