Arun Jaitley takes stock of progress on bankruptcy law implementation

New Delhi: Finance Minister Arun Jaitley on August 23 took stock of steps being taken for implementation of the Insolvency and Bankruptcy Code that seeks to make debt recovery process stronger and quicker.

The Insolvency and Bankruptcy Code, 2016 -- notified by the government in May -- seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.

The Finance Minister chaired the meeting which was attended by officials of Department of Economic Affairs, Department of Financial Services and Department of Corporate Affairs.

"We have a very tight timeline for implementation of the law. We discussed the roadmap with the Finance Minister," Shaktikanta Das, Secretary of Department of Economic Affairs Secretary told reporters here.

Under the new law, employees, creditors and shareholders would have powers to initiate winding up process at the first sign of financial stress such as serious default in repayment of bank loan.