Insolvency and Bankruptcy Board seeks comments on new code
In a further move to tackle the huge issue of banks' bad loans in India, the Insolvency and Bankruptcy Board on Thursday invited public comments on the amended Insolvency and Bankruptcy Code that came into effect last year.
 
A Corporate Affairs Ministry release said the window for receiving comments will be open till December 31, 2017.
 
"The comments received between July 4 and December 31, 2017 shall be processed together and following the due process, regulations will be modified to the extent considered necessary.
 
"It will be the endeavour of the IBBI to notify modified regulations by March 31, 2018, and bring them into force on April 1, 2018," it said.
 
The Reserve Bank of India had last month directed state-run banks to begin proceedings against the 12 largest loan defaulters.
 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

Comments
SRINIVAS SHENOY
8 years ago
I believe that the Insolvency and Bankruptcy Code should be implemented at the earliest, as the burgeoning NPAs problem should be tackled without any further delay, to nurse back to restore the credibility both of our Banks and the rapid growth of the Indian economy. Time is of the essence also to gauge the performance of the government.
Free Helpline
Legal Credit
Feedback