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India proposes special bankruptcy regime for financial firms

The government of India proposed a mechanism to handlebankruptcy in banks, insurers and other financial companies.

The draft bill seeks to establish a special resolutionregime for financial firms that will make it easier to end insolvent financial firmsthan current insolvency procedures, according to recommendations, releasedSept. 28, by the committee that created the proposal.

The bill will consolidate existing laws relating to theresolution of different financial institutions, such as banks and insurers,into a single legislation and offer additional tools of resolution to a newauthority called the Resolution Corporation, which will carry out speedyresolution of financial firms, provide deposit insurance to consumers, andprotect such consumers and public funds.