Summary of the Recommendations of the Bankruptcy Law Reforms Committee (BLRC)

Following is the Summary of the Recommendations of the Bankruptcy Law Reforms Committee (BLRC) The Report of the BLRC is in two parts: i. Rationale and Design/Recommendations; ii. A comprehensive draft Insolvency and Bankruptcy Bill covering all entities. The draft Bill has consolidated the existing laws relating to insolvency of companies, limited liability entities (including…

Bankruptcy Law Reform Committee submits its Report to the Union Finance Minister Shri Arun Jaitley ; Government invites comments on the report from the stakeholders by 19th Novemebr,2015

The Finance Minister Shri Arun Jaitley, in his Budget Speech 2015-16, had identified Bankruptcy Law Reform as a key priority for improving the ease of doing business and had announced that a comprehensive Bankruptcy Code, meeting global standards and providing necessary judicial capacity, will be brought in fiscal 2015-16. The Government had constituted a Bankruptcy…