Bankruptcy Law Reforms Committee (BLRC) submitted its report to the government

Summary of the Recommendations of the Bankruptcy Law Reforms Committee (BLRC) ,Bankruptcy Law Reform Committee

Ques: On November 4, 2015 Bankruptcy Law Reforms Committee (BLRC) recently submitted its report to the Union Finance Minister Arun Jaitley. Who is the chairman of this committee?

(a) Arvind Subramanian
(b) Dr. T. K. Viswanathan
(c) Shaktikanta Das
(d) Ajit Seth

Ans: b

Related facts:

  • On November 4, 2015 Bankruptcy Law Reforms Committee (BLRC) submitted its report to the Union Finance Minister Arun Jaitley.
  • The Finance Minister Shri Arun Jaitley, in his Budget Speech 2015-16, had identified Bankruptcy Law Reform as a key priority for improving the ease of doing business and had announced that a comprehensive Bankruptcy Code, meeting global standards and providing necessary judicial capacity will be brought in fiscal 2015-16.
  • The Government had constituted a Bankruptcy Law Reform Committee under the Chairmanship of Dr. T. K. Viswanathan, former Law Secretary to look into various Bankruptcy related issues and give its report along with a draft Bill on the subject to the Government.
  • The report’smainrecommendationsare:
  • The report recommended that the law on Bankruptcy.
  • The Bill has proposed to establish an Insolvency Regulator in the law.
  • The draft Bill prescribes a swift process and timeline of 180 days for dealing with applications for insolvency resolution.
  • The bill has proposed an Insolvency Adjudicating Authority in this report.
  • The Adjudicating Authority will have the jurisdiction to hear and dispose of cases by or against the debtor.

Reference:

http://pib.nic.in/newsite/PrintRelease.aspx?relid=130208