Committee set up to look into issues of corporate bankruptcy
Updated: Oct 21, 2014 12:19:59pm
New Delhi, Oct 21 (KNN) In accordance with the Budget Speech 2014-15 wherein the Finance Minister had announced that an entrepreneur friendly legal bankruptcy framework would be developed for SMEs to enable easy exit, the government is now setting up a Bankruptcy Reforms Committee to address such issues.
“Pursuant to the above announcement, a Committee has been set up under the Chairmanship of TK Vishwanathan, former Secretary General, Lok Sabha and former Union Law Secretary, to study the corporate bankruptcy legal framework in India and submit a report by February next year,” an official release said.
It said the Committee will examine the whole gamut of issues relating to bankruptcy including - why bankruptcy matters; early detection and resolution of financial distress; and protection of interest of stakeholders.
The committee will also study the rescue mechanism and suggest ways of improving it; and examine the role of the institutions engaged in the process of rescue and liquidation; as also the liquidation procedure for smaller companies and any other aspect relevant to the subject.
In this regard, the Ministry of Finance has invited comments and suggestions which will have to be sent to Director (FSLRC), Department of Economic Affairs, Ministry of Finance, Room no. 68-A, North Block, New Delhi-110001 or via email on masaldan.gaurav@nic.in within 30 days. (KNN/ES)
“Pursuant to the above announcement, a Committee has been set up under the Chairmanship of TK Vishwanathan, former Secretary General, Lok Sabha and former Union Law Secretary, to study the corporate bankruptcy legal framework in India and submit a report by February next year,” an official release said.
It said the Committee will examine the whole gamut of issues relating to bankruptcy including - why bankruptcy matters; early detection and resolution of financial distress; and protection of interest of stakeholders.
The committee will also study the rescue mechanism and suggest ways of improving it; and examine the role of the institutions engaged in the process of rescue and liquidation; as also the liquidation procedure for smaller companies and any other aspect relevant to the subject.
In this regard, the Ministry of Finance has invited comments and suggestions which will have to be sent to Director (FSLRC), Department of Economic Affairs, Ministry of Finance, Room no. 68-A, North Block, New Delhi-110001 or via email on masaldan.gaurav@nic.in within 30 days. (KNN/ES)
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