The Finance Ministry has invited public comments on the recommendations of an interim report of bankruptcy law reforms committee.
The committee, headed by former Law Secretary TK Vishwanathan, recently submitted its interim report, which is now available on the Finance Ministry’s website. Finance Minster Arun Jaitley had in his maiden Budget speech last year announced that an entrepreneur-friendly bankruptcy framework would be developed for small and medium enterprises to enable easy exit. Following this, a committee was set up in August 2014 to study the corporate bankruptcy legal framework and submit a report.