Government will introduce the bankruptcy bill in Parliament today. Economic Affairs Secretary Shaktikanta Das informed this in his tweet yesterday. The bill when enacted will improve ease of doing business in India. Mr Das further said, the legislation on Goods and Services Tax, GST will follow the bankruptcy bill. He said, next to GST, Bankruptcy legislation will be the biggest reform.<br/><br/>Finance Minister Arun Jaitley had said on Saturday, the government intends to bring important legislative measures on structural reforms during the remaining three days left of parliament's winter session. The proposed Bankruptcy Code aims to reduce delays in resolution of insolvency cases and improve recoveries of amount lent to companies. The draft bill has proposed a timeline of 180 days, extendable by another 90 days, to resolve cases of bankruptcy. The new Bankruptcy Code will help India in the World Bank's ease of doing business ranking, as per a key criterion set by the multilateral lender.<br/><br/> Earlier, an all party meeting convened by Rajya Sabha Chairman Mohammed Hamid Ansari on Friday had agreed for passage of six pending legislations in the remaining period of the Winter Session. These include Scheduled Caste and Scheduled Tribes (Prevention of Atrocities) Amendment Bill and Appropriation Bills. The meeting was convened to break the on-going logjam between treasury and opposition benches in the upper house on several issues. However, no consensus emerged on GST bill at the meeting. The ongoing Parliament session ends on Wednesday.

Government will introduce the bankruptcy bill in Parliament today. Economic Affairs Secretary Shaktikanta Das informed this in his tweet yesterday. The bill when enacted will improve ease of doing business in India. Mr Das further said, the legislation on Goods and Services Tax, GST will follow the bankruptcy bill.<br/>He said, next to GST, Bankruptcy legislation will be the biggest reform. Finance Minister Arun Jaitley had said on Saturday, the government intends to bring important legislative measures on structural reforms during the remaining three days left of parliament's winter session.<br/>The proposed Bankruptcy Code aims to reduce delays in resolution of insolvency cases and improve recoveries of amount lent to companies. The draft bill has proposed a timeline of 180 days, extendable by another 90 days, to resolve cases of bankruptcy. The new Bankruptcy Code will help India in the World Bank's ease of doing business ranking, as per a key criterion set by the multilateral lender.<br/><br/>Earlier, an all party meeting convened by Rajya Sabha Chairman Mohammed Hamid Ansari on Friday had agreed for passage of key legislations in the remaining three days of the Winter Session. The meeting was convened to break the on-going logjam between treasury and opposition benches in the upper house on several issues. However, no consensus emerged on GST bill at the meeting. The ongoing Parliament session ends on Wednesday.