Recommendations for the Draft Insolvency and Bankruptcy Bill

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The Bankruptcy Legislative Reforms Committee recently submitted its report and signed off on the Draft Insolvency and Bankruptcy Bill. The Ministry of Finance released the report's Rationale and Design, along with the Draft Bill, on its website. IDFC Institute hosted private roundtables with Ajay Shah, Head of the Macro/Finance Group at the National Institute of Public Finance and Policy, and Susan Thomas, Faculty at the Indira Gandhi Institute of Development Research, to discuss recommendations to forward to the government on Legal and Economic Implications of the Bill. 

The presentation made by Ajay Shah and Susan Thomas can be downloaded here.

Recommendations on the Bill submitted by L. Viswanathan, Cyril Amarchand Mangaldas, can be downloaded here. This does not represent the views of Cyril Amarchand Mangaldas.

Recommendations on the Bill submitted by Anjan Dasgupta, HSA Advocates, can be downloaded here. This does not represent the views of HSA Advocates.

Video interview with Susan Thomas:

Ajay Shah studied at IIT, Bombay and USC, Los Angeles. He has held positions at the Centre for Monitoring Indian Economy, Indira Gandhi Institute of Development Research and the Ministry of Finance. He does academic and policy-oriented research in the fields of Indian economic growth, open economy macroeconomics, public finance, financial economics and pensions. His work can be accessed on his home page ( and on his blog (

Susan Thomas' research has been in financial econometrics, specifically modelling volatility of prices, and analysing aspects of market microstructure in Indian financial markets. She has worked on models for the Indian zero coupon yield curve, bond index construction and probability of default for Indian firms. She is a co-author of “India’s Financial Markets: An insider’s guide to how market’s work”. Her work can be accessed at She holds degrees in civil engineering and economics from IIT, Mumbai and University of Southern California, Los Angeles, respectively.


Ajay Shah
Susan Thomas


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