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Bankruptcy law to be tabled in Parliament during upcoming monsoon season

The law will help safeguard the interest of depositors

Press Trust of India  |  New Delhi 

The government is likely to introduce in the monsoon session of Parliament a separate bankruptcy law to deal with insolvency in financial sector companies that include banks and Non-Banking Financial Companies (NBFCs). The proposed bill will cover all financial service providers that include banks, NBFCs and microfinance institutions which have money deposited, a senior finance ministry official has said. The law will help safeguard the interest of depositors, he added. The Insolvency and Bankruptcy Code (IBC) 2016 was passed by Parliament last year to deal with cases of corporates ...

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First Published: Tue, May 23 2017. 20:43 IST
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