New Delhi, Nov 4 (KNN)  With the Bankruptcy Law Reform Committee having submitted its report to the Union Finance Minister Arun Jaitley today , the government has invited comments on the report from stakeholders by November-19.

After taking the suggestions/views into consideration, the government will take a final decision on the report and introduce the Bill in Parliament as early as possible, an official release said.

The Finance Minister Arun Jaitley in his Budget Speech 2015-16, had identified Bankruptcy Law Reform as a key priority for improving the ease of doing business and had announced that a comprehensive Bankruptcy Code, meeting global standards and providing necessary judicial capacity, will be brought in fiscal 2015-16.

In this context, the Government had constituted a Bankruptcy Law Reform Committee under the Chairmanship of former Law Secretary, Dr T. K. Viswanathan to look into various Bankruptcy related issues and give its report along with a draft Bill on the subject to the Government.

The Report is in two parts: Volume I – titled “Rationale and Design” and Volume II – titled “Draft Insolvency and Bankruptcy Bill”.

Together with the Report, a brief summary of the recommendations has been placed on the website of the Ministry of Finance at www.finmin.nic.in for stakeholder consultation.

Comments/suggestions, if any, on the Report may be sent to the OSD (FSLRC and Law), Ministry of Finance, Department of Economic Affairs, Room No. 30, North Block, New Delhi 110001, preferably by email at praveen.trivedi@nic.in  by 19.11.2015. (KNN Bureau)