India Overhauls Century-Old Bankruptcy Laws in Win for Modi
- "A huge and game changing reform": Finance Ministry official
- Law to help India clear up $117 billion of stressed assets
Narendra Modi.
Photographer: Graham Crouch/BloombergThis article is for subscribers only.
India’s parliament passed a bill to overhaul archaic bankruptcy laws, taking Prime Minister Narendra Modi a step closer to fulfilling his pledge to make it easier to do business in the world’s fastest growing major economy.
The upper house on Wednesday approved the Insolvency and Bankruptcy Act days after it was cleared in the lower house. The law will unify more than four overlapping sets of rules and aims to slash time taken to wind up a dying company or recover dues from a defaulter.