Bankruptcy is central to this governments worldview, said Principal Economic Adviser to the Ministry of Finance Sanjeev Sanyal, addressing an audience on the sidelines of the International Conference on the New Corporate Insolvency Regime. It is central to the vision of Prime Minister Modis idea of a New India, based on entrepreneurship, innovation, risk-taking and social and economic churn and mobility.
The government paved the way for a new insolvency and bankruptcy regime which, among other things, hopes to make doing business in India easy and solve the NPA (non-performing asset) crisis in India. Installation of a new code stems from a difference in approach to bankruptcy, explains Sanyal.
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