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‘Bankruptcy Code will improve ease of doing business’

Bhubaneswar, Dec 11: After Good and Services Tax (GST), Bankruptcy Code 2016 will be the biggest economic reform for promoting the ease of doing business in India, said Nalco CMD Dr Tapan Kumar Chand on Sunday.

“Industries across the globe are passing through difficult times, marked by sluggishness and slump in business and growth. But there is a bright spot where growth is occurring and everybody is eyeing India which is clocking a growth of more than seven percent. There are big aspirations which are necessary to improve our ability to match them,” said Chand, while addressing at a seminar on ‘Insolvency and Bankruptcy Code’ organized jointly by the Institute of Company Secretaries of India (ICSI) and Insolvency and Bankruptcy Board of India.

“The enactment of the Code is a historic opportunity to implement it in the right earnest to unlock capital and ensure that dues of the workers and employees get the priority that is due. The Code would take India from among relatively weak insolvency regimes to become one of the world’s best insolvency regimes,” Dr. Chand informed.

Among others, Dr MS Sahoo, Chairman, Insolvency and Bankruptcy Board of India, Mamata Binani, president, ICSI, Ashok Kumar Mishra, Chairman, Priyadarshi Nayak, Vice-Chairman, and S N Mallick, Secretary of ICSI Bhubaneswar Chapter also addressed the gathering.

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