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Cabinet clears ordinance to further amend insolvency law

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

December 24, 2019 / 04:27 PM IST

The Union Cabinet on December 24 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.
PTI
first published: Dec 24, 2019 04:20 pm

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