• Tuesday, September 27, 2022

Asia

Finance Minister Arun Jaitley introduces bill to recover bad loans

By: Eastern Eye Staff

Finance Minister Arun Jaitley on Monday introduced a Bill in the Lok Sabha to replace the NPA ordinance promulgated on May 7 this year. The Banking Regulation (Amendment) Bill 2017 will amend the Banking Regulation Act 1949 for this purpose. The Insolvency and Bankruptcy Code (Amendment) Bill, 2017 seeks to replace an ordinance which was promulgated in November to prevent unscrupulous persons from misusing or vitiating the provisions of the IBC. The Insolvency and Bankruptcy Code (IBC) was enacted last year to consolidate and amend laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in…

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