India has robust commercial systems giving confidence to investors: FM

Chennai, Apr 1 (IANS): Finance Minister Nirmala Sitharaman said on Saturday that it is now agreed during the negotiations of bilateral trade treaties that India has a better robust commercial system giving investors the confidence they need.

Inaugurating the renovated court premises of the National Company Law Appellate Tribunal (NCLAT) bench in Chennai, Sitharaman also said that vested interests are not allowed to game the debt resolution system in the country.

Sitharaman said the process of Resolution Professional (RP) and Corporate Insolvency Resolution Process (CIRP) getting vitiated and other points come into discussions whenever bilateral investment treaty negotiations happen with countries with whom India wants to ink an agreement.

The Finance Minister also said that investors gain greater confidence when the glitches are removed.

Negotiations now concede that India has a better robust system and is giving confidence to investors who are coming to the country, she remarked.

According to Sitharaman, corrective action has been taken in consultation with the judiciary when some 'interest' operates in decision making at the level of the RPs.

Sitharaman said there should be lots of exchange of views and suggestions from both the technical and judicial members so that the success of the Insolvency and Bankruptcy Code (IBC) is there and India becomes a lot more successful in the commercial activities, and investors don't have any hesitation.

On the filling up of vacancies, Sitharaman said there is some resentment about the benches not being filled fast - both judicial and technical members.

The government has taken the point very seriously and of late a lot of appointments have been made with full speed, Sitharaman said.




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Comment on this article

  • Dylan, Mangalore

    Sun, Apr 02 2023

    We all know yesterday was april fools day.

    DisAgree [1] Agree [2] Reply Report Abuse

  • Vinod Kumar, Mangalore

    Sun, Apr 02 2023

    After Hindenburg’s report on Adani stock manipulation investors are jittery about investments. Robust commercial system under Chor Chowkidar??????…….

    DisAgree [1] Agree [2] Reply Report Abuse

  • Sameer, Riyadh

    Sat, Apr 01 2023

    HYDERABAD: In what is being seen as a major data theft case in the country, the Hyderabad police on Thursday arrested seven persons for pilferage of the data of over 16.8 crore people in the country. The accused belong to Noida and other places. The cyber fraudsters even accessed the information of the customers of six top banks in the country. As it is a serious case, the State government has constituted a Special Investigation Team (SIT) for further investigation. The New Indian Express Hyderabad cops arrest 7 for stealing key data of 16.8 crore

    DisAgree Agree [2] Reply Report Abuse

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