Bankruptcy ordinance: Businesses will have to either perform or exit, no room for wilful defaulters, says Finance Ministry
"It is a moral and ethical responsibility to prohibit entry of such misuse of public money. The cushion of loan waiver of any kind does not arise," an official said
Last week, the government promulgated an ordinance to bar wilful bank loan defaulters from bidding in auctions being done to recover loans under the insolvency process. (Photo for representation)
The bankruptcy ordinance promulgated by the President last week will pave the way for clean business by putting a premium on integrity, a senior finance ministry official said on Tuesday.
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