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Bankruptcy bill to be introduced in Parliament Monday

Indian Parliament begins second phase of the Budget session of Parliament in New Delhi, India on Thursday, April 26, 2007. Photographer: Pankaj Nangia/ Bloomberg News
Indian Parliament begins second phase of the Budget session of Parliament in New Delhi, India on Thursday, April 26, 2007. Photographer: Pankaj Nangia/ Bloomberg News

New Delhi: The Centre on Monday will introduce the bankruptcy bill in Parliament. Economic Affairs Secretary Shaktikanta Das informed this in his tweet on Sunday.

The bill when enacted will improve ease of doing business in India.

Shaktikanta Das further tweeted the legislation on Goods and Services Tax (GST) will follow the bankruptcy bill. Next to GST, Bankruptcy legislation will be the biggest reform, he said.

A government-appointed panel led by Dr. T. K. Viswanathan, former Law Secretary, had last month suggested a modern bankruptcy law.

It is necessary to deal within 180 days the insolvency cases that may arise on account of business failures or economic downturns.

The draft legislation prepared by Viswanathan panel also proposes early identification of financial distress so that steps could be taken to revive the ailing company.

The ongoing Parliament session ends on Wednesday.

ANI