(From left to right: Mr Anil Bhardwaj, Secretary General, FISME; Mr Montek Singh Ahluwalia, Deputy Chairman, Planning Commission; Mr Dinesh Rai, Secretary, Ministry of MSME; Mr Rajendra Mohan Malla, Chairman & Managing Director, SIDBI; Mr Mohan Suresh, President, FISME)
Balancing the rights of creditors and debtors post failure or closure of business, is a complex and a critical issue. FISME Policy Paper - Towards Establishing Modern Insolvency and Bankruptcy Codes for Small Enterprises in India - take call on this precarious issue plaguing the MSME sector.
The Policy Paper states there is an urgent need for establishment of inter-ministerial multi-stake-holder high-powered group towards establishing modern codes for insolvency and bankruptcy for small enterprises owners and individuals.
The paper highlights - the ongoing debate in India has so far been limited to Companies, and not on Proprietorship or Partnership firms, which make up a major chunk to the tune of 97 % of small enterprises.
Authored by Mr Anil Bhardwaj, Secretary General, FISME, the Policy Paper under the FISME SME Policy series was released by Mr Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, in the India MSME Summit held in New Delhi on February 13, 2009.
Beginning with a short introduction of the history of laws, the Paper is divided into succinctly written chapters on
Defining Insolvency and Bankruptcy
The Indian Context
Options and Limitations
Analysis of Current Scenario
Comparison between Indian and US Laws
The last chapter “The Way Forward” lays out the roadmap on where to begin from and how to proceed in creating an enabling environment for MSMEs?
The Policy Paper states there is an urgent need for establishment of inter-ministerial multi-stake-holder high-powered group towards establishing modern codes for insolvency and bankruptcy for small enterprises owners and individuals.
The paper highlights - the ongoing debate in India has so far been limited to Companies, and not on Proprietorship or Partnership firms, which make up a major chunk to the tune of 97 % of small enterprises.
Authored by Mr Anil Bhardwaj, Secretary General, FISME, the Policy Paper under the FISME SME Policy series was released by Mr Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, in the India MSME Summit held in New Delhi on February 13, 2009.
Beginning with a short introduction of the history of laws, the Paper is divided into succinctly written chapters on
Defining Insolvency and Bankruptcy
The Indian Context
Options and Limitations
Analysis of Current Scenario
Comparison between Indian and US Laws
The last chapter “The Way Forward” lays out the roadmap on where to begin from and how to proceed in creating an enabling environment for MSMEs?
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