'Insolvency framework: India among improved jurisdictions'

India is among the improved jurisdictions in terms of insolvency and restructuring framework, according to a global magazine.
The London-based Global Restructuring Review (GRR) has shortlisted India and four other jurisdictions as the most improved ones.
Under the Insolvency and Bankruptcy Code, the Insolvency and Bankruptcy Board of India (IBBI) became operational last year.
The board seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
Apart from India, Germany, Singapore, Bahamas and the UAE have been shortlisted by GRR as jurisdictions "whose improvements over the past year mark them out for recognition".

The selected jurisdiction would be recognised at an awards function to be held later this month.

About India, GRR said the new Code came into force in December 2016 -- " a month ahead of schedule - bringing with it greater empowerment for creditors, dedicated insolvency regulators, registered professionals and company law tribunals, and a more streamlined insolvency process".
IBBI, which is chaired by M S Sahoo, has three whole time members and four ex-officio members.
The whole-time members are Suman Saxena, Navrang Saini and Mukulita Vijayawargiya.