India Has new fast track insolvency laws

The government of india plans to introduce a separate legislation to speed up insolvency proceedings and help distressed firms wind up operations quickly.

“Speedy winding up of sick enterprises, particularly small and medium ones, is an area we need to improve,” said a senior official in the ministry of corporate affairs.
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The new law will shorten the legal processes involving insolvency operations of small and medium entities. The government is keen to make bankruptcy proceedings a time-bound procedure.
Under the present framework, winding up of a corporate entity is guided by provisions of the Companies Act, whereas personal insolvency is guided by other laws. The new companies bill, which is presently pending with a parliamentary standing committee, deal with only corporate insolvency.

Liquidation process in India market is fairly protracted, taking on an average 7-10 years, against 1-6 years in other countries, according to a recent survey. It often yields very little in terms of recoveries and leads to substantial waste of resources and funds.
Related links :

http://bankrepossession.blogspot.com/2010/03/licence-held-by-city-pacific-cancelled.html
http://bankrepossession.blogspot.com/2009/07/gordon-ramsay-staves-off-insolvency.html
http://bankrepossession.blogspot.com/2010/03/licence-held-by-city-pacific-cancelled.html

Insolvency Law Reforms - Report on India (www.insolvencyasia.com)
REGIONAL TECHNICAL ASSISTANCE PROJECT NO:5795-REG. INSOLVENCY LAW REFORMS.
REPORT ON INDIA. Shardul D Dhroff. Amarchand & Mangaldas & Suresh A.Shroff & Co. ...
www.insolvencyasia.com/insolvency_law.../india/index.html
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