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Cabinet Clears Ordinance to Further Amend Insolvency and Bankruptcy Code Law

File photo of Union Minister and senior BJP leader Prakash Javadekar.

File photo of Union Minister and senior BJP leader Prakash Javadekar.

The insolvency bill, introduced in the Lok Sabha, seeks to remove bottlenecks and streamline the corporate insolvency resolution process.

New Delhi: The Union Cabinet on Tuesday approved an ordinance to further amend the Insolvency and Bankruptcy Code (IBC). On December 12, the government introduced a bill in the Lok Sabha to amend the

Union minister Prakash Javadekar on Tuesday said the Cabinet has cleared an ordinance to amend the Code.

The bill, introduced in the Lok Sabha, seeks to remove bottlenecks and streamline the corporate insolvency resolution process, wherein successful bidders will be ring fenced from any risk of criminal proceedings for offences committed by previous promoters of companies concerned.
first published:December 24, 2019, 17:06 IST