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Bill on changes in bankruptcy code tabled in LS
A bill was introduced in the Lok Sabha seeking to amend the Insolvency and Bankruptcy Code (IBC) to plug potential loopholes and prohibit certain persons, such as wilful defaulters, from submitting resolution plans to let them take charge of the company.
By
migrator
migrator
New Delhi
The Insolvency and Bankruptcy Code (Amendment) Bill, 2017 was introduced by Finance Minister Arun Jaitley. It sought to replace an ordinance promulgated earlier.Â
The IBC, being implemented by the Corporate Affairs Ministry, became operational in December 2016 and provides for a timebound insolvency resolution process. The changes proposed are expected to help streamline the process of selecting buyers for stressed assets.
Like, currently the Code does not specify type of buyers who can bid for stressed assets of companies that are undergoing bankruptcy proceedings. The bill sought to facilitate phased implementation of the provisions of the code to incorporate persons, individuals and partnership firms.Â
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