Bankrupt individuals should be automatically disqualified from being elected to any public office through elections or in any local authority, a Parliamentary committee has recommended to the government.
If the recommendations by the Joint Committee of Insolvency and Bankruptcy Bill, headed by Bharatiya Janata Party MP Bhupender Yadav, are accepted by the Centre and added to the revised Bill, the ban could be applicable to people contesting local, Assembly and Parliamentary elections, reported The Times of India.
Bankrupt people could also be barred from being appointed as a trustee for a trust, estate or settlement, the report added.
The Insolvency and Bankruptcy Bill is expected to be tabled during the ongoing second half of the Budget session of Parliament.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!