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
Design 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.
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
Design 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
release and some news reports (here,
here
and here).
the recommendations, please see the Government press
release and some news reports (here,
here
and here).