Parliament passes the Insolvency and Bankruptcy Code

Today is a historical day for economic reforms in India when the Rajya Sabha passed the major economic reform Bill moved by the Government i.e. 'Insolvency and Bankruptcy Code, 2016'. This is considered as the biggest economic reform next only to GST. The Lok Sabha had earlier passed the Bill on 5th May, 2016.In India, the legal and institutional machinery for dealing with debt default has...