Bankruptcy Code: Will it be any different?
Soon after taking the oath of office, the Prime Minister asked the bureaucracy to improve India's ranking the in the annual World bank Ease of Doing Business Index. A nation's ranking on the index is based on the average of 10 sub indices of which the 3 sub indices that India fared poorly were: Resolving Insolvency,Enforcing Contracts and Trading Across Borders.Taking these 3 broad points, the government has worked out the GST Bill to boost trade,Insolvency and Bankruptcy Code for faster and efficient bankruptcy process and the National Judicial Accountability Commission (NJAC) to reform the judiciary for better enforcement of contracts. With the GST Bill caught in political quagmire and the NJAC in the hands of judicial review, the government decided to proceed with the Insolvency and Bankruptcy Code. With the passage of the bill in Lok Sabha it now moves to Rajya Sabha for its approval. This is one such bill that enjoys support acr...