Arun Jaitley announces about launching of Bankruptcy code, litigation policy in India [ Current Affairs ]

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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