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 Law Reform Committee under the Chairmanship of Dr. T. K. Viswanathan, former Law Secretary to look into various Bankruptcy related issues and give its report along with a draft Bill on the subject to the Government.

Dr. Viswanathan submitted the Report of the Committee to the Finance Minister Shri Arun Jaitley in his office  here today. The Report is in two parts: Volume I – titled “Rationale and Design” and Volume II – titled “Draft Insolvency and Bankruptcy Bill”. The Report, along with a brief summary of the recommendations, has been placed on the website of the Ministry of Finance at www.finmin.nic.in for stakeholder consultation. Comments/suggestions, if any, on the Report may be sent to the OSD (FSLRC & Law), Ministry of Finance, Deptt. of Economic Affairs, Room No. 30, North Block, New Delhi 110001, preferably by email at [email protected]  by 19.11.2015. 

After taking the suggestions/views into consideration, the Government will take a final decision on the Report and introduce the Bill in Parliament as early as possible.

Bankruptcy law reform: consultation on a two volume report and draft insolvency bill invites stakeholder comments ahead of legislative action. A two volume Report and draft Insolvency and Bankruptcy Bill were submitted to the Union Finance Minister, published for stakeholder consultation with written comments invited to specified contact points, and the Government will consider responses before deciding on recommendations and introducing the Bill in Parliament.