Rajya Sabha Passes The Insolvency And Bankruptcy Code Bill 2016

The Rajya Sabha has passed the Insolvency and Bankruptcy Code Bill 2016. The bill is being seen as a transformational legislation that will help in improving India’s ranking in the World Bank’s Ease of Doing Business index.


The Bill is based on the recommendations of the Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015 chaired by Bhupender Yadav. The committee submitted the report to the government on 28 April 2016.
Insolvency And Bankruptcy Code Bill
 creates time-bound processes for insolvency resolution of companies and individuals.  These processes will be completed within 180 days. If insolvency cannot be resolved, the assets of the borrowers may be sold to repay creditors.


So let’s do:
1. Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015 committee is headed by whom ?
2. Recently_________ has passed the Insolvency and Bankruptcy Code Bill 2016.


Source – The Hindu



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