Rajya Sabha passes India’s bankruptcy bill

India’s Rajya Sabha (Council of States or Upper House of Parliament) passed a new bankruptcy code on Wednesday.

The insolvency and bankruptcy code, earlier passed by the Lok Sabha, will strengthen lenders to recover outstanding debts by setting a deadline of 180 days for companies to pay or face liquidation.

Currently, over 70,000 liquidation cases are pending in debt recovery tribunals and courts.

Source: Reuters