• Tuesday, December 06, 2022

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India passes bankruptcy law in long-awaited reform

The new bankruptcy law is one of the key reforms under Narendra Modi’s leadership

By: Eastern Eye Staff

India has overhauled its archaic bankruptcy laws in a key reform that will make it vastly easier to wind down companies and help banks to recover bad loans. The long-awaited bill that cleared the parliament’s upper house late Wednesday replaces a patchwork of outdated legislation with a single law and lays down a host of new rules. The Insolvency and Bankruptcy Code 2016 sets out a 180-day deadline to resolve bankruptcy cases—currently it takes 4.3 years on average, World Bank data shows, among the longest in the world. Individuals caught hiding assets or defrauding lenders during the insolvency process can…

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