Government will on Monday introduce the bankruptcy bill in Parliament, which when enacted will improve ease of doing business in India.
“Finance Minister will introduce Insolvency and Bankruptcy bill in Parliament tomorrow,” Economic Affairs Secretary Shaktikanta Das tweeted.
He said the legislation on Goods and Services Tax (GST) will follow the bankruptcy bill.
“Next GST, it’s the biggest reform. Next to GST, Bankruptcy legislation will be the biggest reform,” Das said.
With a view to promoting ease of doing business and spurring economic activities, a Government-appointed panel had last month suggested a modern bankruptcy law to deal within 180 days the insolvency cases that may arise on account of business failures or economic downturns.