India to overhaul century-old bankruptcy laws to revive reform agenda

New Delhi

PRIME Minister Narendra Modi is poised to overhaul Indian bankruptcy laws that date back a century in a bid to get his reform agenda back on track after a series of setbacks.

This week a government-backed committee plans to submit recommendations to the Finance Ministry for a bill that may be tabled during the parliament session starting next month. Unifying more than four overlapping sets of rules, the code aims to slash the time it takes to wind up a dying company or recover dues from a defaulter.