LEGAL FRAME WORK FOR BANKRUPTCY AND INSOLVENCY LAWS INDIA

The Bankruptcy Law Reforms Committee (BLRC), while submitting its report to the government earlier this month, had recommended the need for a single code to resolve insolvency for all companies, limited liability partnerships, partnership firms and individuals. "In order to ensure legal clarity, the Committee recommends that provisions in all existing law that deals with insolvency of registered entities be removed and replaced by this Code," the committee said in its report.









Fixing bankruptcy, insolvency laws | Business Standard Column