Cabinet Clears Ordinance to Further Amend Insolvency and Bankruptcy Code Law
The insolvency bill, introduced in the Lok Sabha, seeks to remove bottlenecks and streamline the corporate insolvency resolution process.
Prakash Javadekar addresses the Cabinet press briefing (Image: Twitter/ANI)
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.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Test, ODI Squads for New Zealand Tour Only After Clarity on Hardik Pandya's Fitness
- Kai Po Che? Kite Strings in Gujarat Have Killed Over 150 Birds
- 'You Have Not Seen the Last of Us,' Says Greta Thunberg Ahead of World Economic Forum
- 1917 Movie Review: Sam Mendes' Oscar-nominated Tale is a War Classic
- Reliance Jio Q3 2019-20 Results: Subscriber Base Jumps to 370 Million as of December 31, 2019