Which committee has recently submitted report on Insolvency and Bankruptcy Code 2015?
[A]Shah Nawaz Committee
[B]Ravi Prakash Tyagi committee
[C]Kalyan Banerjee committee
[D]Bhupender Yadav committee
Bhupender Yadav committee
The Bhupender Yadav Committee on Insolvency and Bankruptcy Code 2015 has recently submitted its report to Parliament of India. It’s a 30-member joint committee of the Members of Parliament. As per the report, any person adjudged as an undischarged insolvent may also be covered under the definition of bankrupt. The Committee also recommended that provident fund, pension fund and gratuity which provide social safety net of employees should be secured in the event of liquidation of a Company or bankruptcy of partnership firm. It has also favoured insertion of new provisions relating to cross-border insolvency saying the code does not have any provision to deal with such eventualities.