One of the most significant steps in this direction was the setting up of the Bankruptcy Law Reform Committee under Shri T. K. Viswanathan which has just submitted its report. The Committee has come out with the draft legal framework for resolving matters of insolvency and bankruptcy which, when fully implemented, will have far reaching impact.
Early enactment of this proposed legislation and the follow-up action will be a game changer for development of corporate bond markets. Incentives Cap on borrowings of corporate from banks for capital purpose 21.