Considering the failure of the Sick Industrial Companies (Special Provisions) Act, 1985, and the Board for Industrial and Financial Reconstruction as suitable mechanisms for regulating bankrupt companies in India, the finance minister has announced the government’s intention to introduce a “comprehensive Bankruptcy Code” to deal with bankrupt companies in India.
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The minister said that bankruptcy law reform would bring about “legal certainty and speed [and] has been identified as a key priority for improving the ease of doing business”.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
