Govt Approves 7 Amendments to Insolvency Law, Increases Resolution Timeframe
The amendments to the Insolvency and Bankruptcy Code (IBC) are aimed at filling a critical gap in the corporate insolvency resolution framework
PM Narendra Modi with his cabinet i (PTI)
New Delhi: In a significant move, the government Wednesday cleared seven amendments to the insolvency law.
The amendments to the Insolvency and Bankruptcy Code (IBC) are aimed at filling a critical gap in the corporate insolvency resolution framework while at the same maximising value from the resolution process. The Cabinet has approved the changes to the Code.
The amendments would "enable the government to ensure maximisation of value of a corporate debtor as a going concern while simultaneously adhering to strict timelines," an official release said.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.
Recommended For You
- Mission Mangal vs Batla House Box Office: Akshay Kumar Maintains Lead on Day 3
- Shraddha Arya Suffers Head Injury While Performing on Nach Baliye 9, Actress Momentarily Blacks Out
- PV Sindhu Chases Elusive Gold at BWF World Championships
- Yezdi Motorcycles to Make India Entry Soon; Instagram, Website Goes Live
- Instead of Putting Unsold Stuff in a Garbage Dump, Amazon Will Donate it Instead