Draft bankruptcy law likely in 10 days: Secy

Government today said the draft bankruptcy law is likely to be ready in the next 10 days, a legislation aimed at improving the ease of doing business environment in the country.
"Its (bankruptcy law) a work in progress. The drafting of the law and recommendations of the committee which has been constituted by the government to give its recommendations on the bankruptcy law and also the committee is preparing the draft legislation," Economic Affairs Secretary Shaktikanta Das said at an event here.
The recommendation and the first cut of the draft legislation "should be available to us" in about a week and 10 days time.

"This is one area because we did not have a strong bankruptcy law. In the ease of doing business in this area we scored very badly," the Secretary said and added, "once we are able to bring in bankruptcy law our ranking in world bank ranking will be jumping several spots".
In his Budget speech, Finance Minister Arun Jaitley had said bankruptcy law reform, that brings about legal certainty and speed, has been identified as a key priority for improving the ease of doing business.
Das also said the liberalisation of external commercial borrowing (ECB) regime is also underway and the Reserve Bank has has already put out a discussion paper in the public domain.

"Comments have come in. RBI is examining it and in about a week's time or about 10 days time we will receive it we will go through it...Hopefully with everything going all right, I think before the end of November the liberalisation measure relating to ECB would be announced," he added.