The advisory group on bankruptcy laws, constituted by the Reserve Bank of India, has called for setting up of bankruptcy institutions, repeal of the Sick Industrial Company (Special Provisions) Act (Sica) and abolition of the Board for Industrial & Financial Reconstruction (BIFR).
The cases pending before BIFR should be transferred to the bankruptcy court, it said.
The group, chaired by NL Mitra, director, Centre for Business Law Studies, today submitted its report to YV Reddy, chairman, standing committee on international financial standards and codes and deputy governor, RBI.
The group has identified