New Delhi, Dec. 1 (PTI): The government is putting in place a framework that will facilitate an efficient regime for corporate rehabilitation and liquidation, corporate affairs minister Prem Chand Gupta said today.

“The new company law will provide a framework that would allow efficient turnaround and quick liquidation that would help realise the best value for stakeholders and lenders,” he said.

An effective system and framework for restructuring, rehabilitation or winding up of companies is needed, Gupta said at the inauguration of a training programme on insolvency and restructuring organised by the Institute of Company Secretaries of India and Insol International here.

“When a company passes through a phase in which it cannot utilise its assets efficiently or manage its operations properly, it becomes necessary that remedial measures are taken to stem the tide. This is even more important when a company has been closed and all assets are lying unused,” he said.