Insolvency And Bankruptcy Law To Be Operational By Year End

The government expects the entire Insolvency and Bankruptcy Law to become operational by end-December, Economic Affairs Secretary Shaktikanta Das said today (25 October).

"We have a definite roadmap to implement the bankruptcy law, the Ministry of Corporate Affairs is working on it, the Law Ministry, the Legislative Department have played a very significant role in finalising the legislation and they will continue to have a very significant role in also finalising the regulations," he said, at an event organised by Assocham in New Delhi.

Talking about how a clear roadmap has been drawn up, he added that the Ministry of Corporate Affairs has already published certain draft regulations and has invited comments, other regulations and rules are under preparation and they will be put in the public domain for consultation.

"Now it is the responsibility of both government and industry bodies and every category of professionals to develop information utilities, to develop insolvency professionals and take the implementation of this law forward and see that it is fully implemented and the economy and country are able to get its full benefits," said Das.