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Insolvency and Bankruptcy Bill, 2015

09.11.2015

The Ministry of Finance has placed the draft Insolvency and Bankruptcy Bill, 2015 on its website and is receiving comments on it till 19 November 2015. Seen as a step in forwarding the ease of doing business in India, the Bill proposes fast-tracking proceedings and makes it easier for sick companies to wind up their businesses. It also introduces the a new entity, the ‘Insolvency and Bankruptcy Board of India’, to register professional insolvency agencies and persons, prescribe minimum criteria for the same and levy charges. For a background on the Bill and its objectives, read the Interim Report of the Bankruptcy Law Reform Committee. The Bill is expected to be placed before Parliament in its Winter Session of 2015, which commences 26 November 2015 and concludes 23 December 2015.