The Union Finance Minster Shri Arun Jaitley during his Budget Speech of 2014-15 announced that an entrepreneur friendly legal bankruptcy framework would be developed for SMEs to enable easy exit.  

Pursuant to the above announcement, a Committee was set-up under Shri TK Viswanathan, former Secretary General, Lok Sabha and former Union Law Secretary, on 22.8.2014 to study the corporate bankruptcy legal framework in India and submit a report.   

The Committee has submitted an Interim Report, which is placed on the website of the Ministry of Finance at www.finmin.nic.in  

Comments/suggestions on the recommendations contained in the Interim Report may be sent to Director (FSLRC), Ministry of Finance, Deptt of Economic Affairs, Room No 68-A, North Block, New Delhi 110001, or via email at [email protected]  latest by 20^th February 2015.

Bankruptcy reform for SMEs: Interim report invites stakeholder comments on proposed entrepreneur-friendly exit framework. An Interim Report proposing reforms for an entrepreneur-friendly bankruptcy framework for SMEs has been published on the Ministry of Finance website; stakeholders are invited to submit comments and suggestions on the report's recommendations to the designated Ministry contact by the stated deadline via post or email.