1. Bankruptcy Bill passed in Lok Sabha
i. The Lok Sabha has passed the Insolvency and Bankruptcy Code Bill 2016, which is seen as a “transformational” legislation that will help to improve India’s ranking in the World Bank’s ‘Ease of Doing Business’ index.
ii. It aims to defuse the crisis of the looming bad loans in the banking sector and also to cover individuals, companies, and partnership firms.
iii. The bill proposes setting up of an Insolvency and Bankruptcy Board and Insolvency and Bankruptcy Fund.