Arun Jaitley announces about launching of Bankruptcy code, litigation policy in India [ Current Affairs ]
About Arun Jaitley: Arun Jaitley was born on 28th December 1952. He is the Finance Minister of India. He is also managing Corporate Affairs and Information and Broadcasting in India.
- He is a member of the Bharatiya Janata Party.
- He has also work as the Minister for Commerce and Industry, Law and Justice in the National Democratic Alliance government from 1998 to 2004.
- Currently he is also member of Rajya Sabha.
About three new laws to be launched:
- Three laws has been going to declare by Finance Minister Arun Jaitley are the litigation policy, the bankruptcy code and an arbitration law.
- These laws will be used to improve the ways for easy business.
What is litigation policy?
- National Litigation Policy is made by the Ministry of Law and Justice of the Government of India.
- This law is made for legal action of government agencies to make them more responsible for filing of legal cases.
What is the bankruptcy code?
- The Bankruptcy Code is the set of national laws that governs all insolvency cases in the United States.
What is arbitration law?
- Arbitration is a form of alternative dispute resolution (ADR).
- It is a technique for the resolve of arguments outside the courts.
- The parties who are disagreed with each other to be make settlement by one or more persons presence and agree and give guarantee for settlement decision.
- A third person in whose presence settlement is done he reviews the evidence of the case in the court and executes a decision that is legally binding on both sides.
- Published on: August 20, 2015