About 15-20 National Company Law Tribunals will be set up to hear insolvency cases. The first case can come within a year itself, says MR Umarji, Member, Bankruptcy Law Committee.
The Lok Sabha on Thursday passed the Insolvency and Bankruptcy Bill 2015. It will mean businesses can look forward to speedier resolutions, workmen of bankrupt companies can be paid first, and lenders can find a closure. Here is an in-depth look at the law.