Special Assistant to the Prime Minister (SAPM) on Industries and Production, Mr. Haroon Akhtar Khan, chaired a high-level meeting of the sub-committees focusing on Bankruptcy Law and the prevention of undue harassment by state authorities.
The meeting was attended by the Prime Minister's Coordinator Mr. Rana Ehsan Afzal, representatives from the Pakistan Business Council, Federal Board of Revenue (FBR), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), various Chambers of Commerce, the Anti-Money Laundering authority, and other key stakeholders.
The committee proposed significant amendments to the Corporate Rehabilitation Act, 2018, including:
Removal of Eligibility threshold based on Receivables
Introducing a formal mechanism for stay orders through judicial directives
Providing relief to companies facing winding-up orders
Inclusion of companies availing Relief under SBP Circular No. 29
Suggesting a comprehensive system for asset valuation and Mediation
“This policy package will offer critical relief to affected companies,” said Haroon Akhtar Khan. “The bankruptcy law will serve as a comprehensive and supportive legal framework to ensure industrial stability.”
The committee also recommended amendments to the Corporate Restructuring Companies Act, 2016, noting that the Corporate Rehabilitation Board has faced delays due to stringent appointment criteria and budgetary constraints.
SAPM Haroon Akhtar Khan emphasized that “Banks and borrowers will now work together in a collaborative framework.”
The sub-committee on undue institutional harassment also submitted its recommendations, which included:
A legal framework to protect the autonomous role and decisions of SECP
Promoting foreign investment through a non-political and interference-free environment
“Prime Minister Shehbaz Sharif's vision is clear: to revive sick industrial units and eliminate Undue harassment from state authorities” said Haroon Akhtar Khan. He further appreciated the diligent work of the sub-committees and their commitment to creating business-friendly reforms.
