cont...4) Uniformity in creditor claim across states as still some states have old law based on crown debt principle 5) No national portal for liquidation I have raised in PMs earlier mann ki baat comments/response section in his app/here as well. I have also given structure for same. 6) Effective corporate bond market for loans/borrowing greater then 100 crore or more then 500 crore per group 7) cross checking mechanism on all participants and prosecution for no compliance as current law...cont

cont...NPA issue in India it is clear that credit rating agencies are in incestuous relationships with borrowers for ratings as these agencies dont have proper law or if they are found lacking they cant be prosecuted due to lack of law. Their AAA rating is just their opinions nothing else if you dont believe see documentary Inside Job on matter where footage taken is real showing US congress session and ex-RBI governor Raghuram Rajan is also featured in it.....cont

I have seen law and kudos to PM for sorting this mess from independence as this law was long due. Law is designed well but may have operational issues. 1) In India large companies are biggest tax offenders and money launderers apart they bribe bank officials to give loans and armtwist banks for not reporting as NPA thus making mess. 2) Auditers and consultants cant be prosecuted under CA,CS,or LLB related laws they are ones who misreport. 3) After US financial crisis of 2008 and recent...cont

Bankruptcy should be linked with all employees. All employees should be profit partners of every Enterprises. Either it is new startup or existing one. Core team members and labour officer be empowered for ousting of employees or employer. 5 person core team can aappointment employer /employees. No family members or in relation be employed in the organisation. Bankruptcy system will improve automatically.

Yaha k logo ko smrt city k vote k liye jaugruk hona chahiye.......
Aurn muz ko smart city banwana chahiye.

There r people who purposefully declare the them self bankrupt. They then transfer the black Money and property in the name of their wife, to not get caught. They also show their wifes fully working in books where as the wife actually Is a house wife or part time worker. This way they easily get away from the hands of law. #MyGov

Employees form a significant part of a company's stake holders, but are most vulnerable during insolvency. IBBI regulations must protect employees interests.
A provision for automatic initiation of Bankruptcy proceedings when employees are not paid salary/ dues for 3 months at a stretch would deter promoters from stopping salary payments.
Employees should have a major say in insolvency proceedings till all their dues are paid.

Sir / Madam Namaste, in connection with the Notification of INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (VOLUNTARY LIQUIDATION) REGULATIONS, 2017, my suggestion is that now a days this Act is very much needed to protect the public money from the wrongdoers. It should be a weapon in the hands of the courts and Government to protect the rights, money of the public and to punish the wrong doers. It should be mandatory that Company/Organization in the process of liquidation shall be made known to all

The commendable Legislation IBC 2016 needs certain fine tuning regarding Appointment of Insolvency Professionals (IPs) in case of Voluntary Liquidation Process. The IBBI Shall maintain a Roaster of IPs enrolled with IBBI for allotment to Individual and Partnership firms Liquidation process as to maintain the quality and avoid bottle necks of favouritism and nepotism by the Financial Creditors. The Banks and Financial Institutions have some mechanism in place. That needs to be aligned with IBBI.

There should be a procedure needs to be followed in order to successfully carry out insolvency resolution process. Only a corporate debtor, Financial creditor and Operational Creditor is allowed to initiate a corporate insolvency resolution process under the new code. For its implementation an Interim Resolution professional(for short term period-30 days) needs to be appointed who will constitute a committee of creditors, who will in turn appoint a Resolution Professionals.