Proposed Bankruptcy Code Unveiled

The much-awaited
reform of bankruptcy law in India has witnessed a momentous step with the
finalization of the report of the Bankruptcy Law Reforms Committee, which was
issued yesterday. The report contains two parts: the Rationale and
and a draft of the Insolvency
and Bankruptcy Bill, 2015
. Of course, it is impossible to discuss the
details of the reforms proposed within the confines of a blog post, but the
report is well-researched and comprehensive. It takes into account the economic
and legal aspects of insolvency. It is also exhaustive in that it takes into
account different forms of entities (companies, partnerships and individuals)
and addresses the legal and institutional set up required to provide for an
effective bankruptcy process. We hope to touch upon some of the key
recommendations in future posts.
For a summary of
the recommendations, please see the Government press
and some news reports (here,
and here).

About the author

Umakanth Varottil

Umakanth Varottil is an Associate Professor at the Faculty of Law, National University of Singapore. He specializes in corporate law and governance, mergers and acquisitions and cross-border investments. Prior to his foray into academia, Umakanth was a partner at a pre-eminent law firm in India.

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