The Union Government will implement the Insolvency and Bankruptcy Code
after considering all the legal aspects, inputs and hold discussions with the judicial authorities to ascertain their thoughts, Minister of State for Finance, Mr Arjun Ram Meghwal said at an ASSOCHAM event held in New Delhi today.
“You should be rest assured that the Insolvency and Bankruptcy Code is going to be implemented,” said Mr Meghwal while inaugurating an ASSOCHAM conference on ‘New Corporate Insolvency Regime.’
Terming it not simple but a very important subject, he said that Insolvency and Bankruptcy Code is going to be a game changer as it will change the entire system.
“It is a cultural shift whereby at times we forget the mandate and objective and look for other sources of recovery but it is not the case,” said Mr Meghwal.
“The implementation process of Insolvency and Bankruptcy Code
began only in 2017 and it is such a huge cultural shift that we will have to be extremely careful,” he added.
Elaborating a significant issue in this regard, Mr Meghwal said, “An individual cannot be an entrepreneur by birth but he has to acquire the entrepreneurial skill. Since he has to acquire it, he has to go through recovery process along with Insolvency and Bankruptcy Code related process and if he gets failed due to various reasons he again has to go through the entire process.”
He said that it is imperative to see that the individual’s entrepreneurial skill does not get wasted due to this process.
“You who have to take care that his entrepreneurial skill does not get wasted owing to this process because if we are able to do so, he can be revived again to significantly contribute in making India a great economic power,” further said the Minister.
He said that 2017 is going to be reckoned as a year of economic reforms – be it the presentation of Union Budget on February 1st
, merger of Railway and Union Budget,
Finance Bill coming into effect from April 1st
and GST (goods and services tax) to be implemented from July 1st
“We have uploaded certain rules on our website, you should go through them and give us feedback on the same,” said Mr Meghwal seeking industry’s suggestions vis-à-vis GST.