T K Vishwanathan commission: Corporate bankruptcy legal framework
Q. T K Vishwanathan commission is related to- Published on 11 Nov 15a. Frauds & Malpractices In Banks
b. Corporate bankruptcy legal framework
c. Insolvency And Wind Up Laws
d. None
ANSWER: Corporate bankruptcy legal framework
Recommendations of T K Vishwanathan commission
1. Setting up an insolvency regulator to exercise regulatory oversight over insolvency professionals and agencies in a bid to ensure speedier winding up of insolvent companies and providing easier exit route to investors.
2. Bankruptcy and insolvency processes for individuals with annual gross income of less than Rs 60,000 and aggregate assets of not more than Rs 20,000. They can apply for a discharge from their debts which are liquidated and unsecured up to Rs 35,000.
The proposed Bankruptcy Code will replace over a century old archaic insolvency act -The Presidency Towns Insolvency Act, 1909 and ensure time-bound disposal of insolvency application.
