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Ordinance to amend Insolvency and Bankruptcy Code gets Cabinet approval

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 Code.

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.

Source: Business Standard