NEW DELHI, Apr 27:Finance Minister Arun

Jaitley today said the JointParliament StandingCommittee has cleared theBankruptcy and InsolvencyCode and is likely to be dis-cussed in the current BudgetSession of Parliament.

Addressing the second meet-ing of the ConsultativeCommittee on NPAs, Jaitley saidthe Government is taking varioussteps, including introduction ofBankruptcy Law in the LokSabha, to deal with the problemof mounting bad loans.

The Bankruptcy Law hasbeen cleared by the JointParliament Standing Committeeand the SARFAESI (Securitis-ation and Reconstruction ofFinancial Assets andEnforcement of Security Interest)Act and Debt Recovery Tribunal(DRT) Act have been amended tomake the recovery process moreefficient and expedient, he said inhis opening remark.

The Finance Minister saidthat wherever it was observed

that number of cases in whichaction taken by the banks againstguarantors for recovery ofdefaulted loans is insufficient,the Government has advised thebanks to take action against guar-antors in the event of default byborrowers under relevantSections of SARFAESI Act,Indian Contract Act and RDDB& FI Act.

He further said that a direc-tion to this effect has been issuedto banks last month.

The Government, Jaitleysaid, has taken various meas-ures to deal with the issue ofnon-performing assets (NPAs)in banking sector especially incase of public sector banks(PSBs).(PTI)

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FIRST TIME IN J&KBALAJI PRESENTS

Joint Parliament Standing Committeeeclears Bankruptcy Law: FM