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Dealing With Failure ;The new bankruptcy code can stimulate credit availability for entrepreneurs.(GS 3 ,IE)

On November 4, the Union ministry of finance released the report of the Bankruptcy Law Reform Committee (BLRC) along with a draft bill called the “Insolvency and Bankruptcy Code” (IBC). The IBC is a proposed legal framework for facilitating the transparent and rapid exit of failed enterprises. At present, India’s