MUMBAI: Finance minister Arun Jaitley said on Saturday defaulters would now have to either pay up or make way for new entrepreneurs as the new bankruptcy law had reversed the debtor-creditor relationship.The finance minister also sought to assuage fears that businesses would come to a standstill during the insolvency proceedings. "The message in the legislation is now loud and clear; debtors will have to make sure their debts are serviced. We will have to wait to see how much of the law is made effective by pronouncements of the tribunal and then look at improvement. He said that often timelines, which are seen as mandatory for the executive, are regarded by the judiciary as directional. "I hope that these remain as 'mandatory' as speed is of the essence for successful implementation of the law."

Source: Times of India August 19, 2017 21:12 UTC