Implement bankruptcy law in time bound manner: FM to officials
24/08/2016 11:11
Finance Minister Arun Jaitley has directed senior officials of the ministries of finance and corporate affairs to take steps, including setting up of a board, for the implementation of Insolvency and Bankruptcy Code (IBC) 2016 in a time bound manner. "Implementation in a time bound manner is very crucial in order achieve the desired goals of Insolvency and Bankruptcy Code 2016," Jaitley told senior officials of both the ministries. An immediate action is needed on key requirements for implementation of the IBC including setting-up of Insolvency and Bankruptcy Board of India (IBBI), notifying Rules and Regulations relating to Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs) and Corporate Insolvency among others, he added. "Jaitley asked the officials of the Ministry of Corporate Affairs to notify NCLT Benches to deal with Corporate Insolvency, take action for registration of IPs and IPAs among others," the Finance Ministry said in a statement. The Insolvency and Bankruptcy Code, 2016 -- notified by the government in May -- seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
24/08/2016 11:11
