Tuesday, August 3, 2021
News

Sitharaman to move Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 in Lok Sabha

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | March 6, 2020 8:41:24 AM IST
Union Finance Minister Nirmala Sitharaman on Friday will move the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 for consideration and passing in Lok Sabha.

In December last year, the Union Cabinet had approved a proposal to promulgate an ordinance to amend the Insolvency and Bankruptcy Code (IBC) 2016.

The amendments will remove certain ambiguities in the IBC 2016 and ensure smooth implementation of the code, an official statement said.The move is aimed at easing the insolvency resolution process and promoting the ease of doing business.

Aimed at streamlining of the insolvency resolution process, the amendments seek to protect last-mile funding and boost investment in financially-distressed sectors.

Under the amendments, the liability of a corporate debtor for an offence committed before the corporate insolvency resolution process will cease.The debtor will not be prosecuted for an offence from the date the resolution plan has been approved by the adjudicating authority if a resolution plan results in change in the management or control of the corporate debtor to a person who was not a promoter or in the management or control of the corporate debtor or a related party of such a person.

The amendments are aimed at providing more protection to bidders participating in the recovery proceedings and in turn boosting investor confidence in the country''s financial system. (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Inland Vessel Bill should be sent to Sel...
Some curbs go, Mumbai local trains bar c...
Swelling Yamuna a relief for Taj Mahal...
BJP high command might present final lis...
IFFCO MD's sons Anupam, Amol, others und...
Andhra youth who lured and blackmailed o...
More...    
 
 Top Stories
Telugu director Sukumar builds 2 cl... 
Nitish Kumar will complete full ten... 
Four, including priest, held for ra... 
'Scientific collab should bring eas... 
No study on climate change's role i... 
Police Commemoration Day 2021 to be... 
US to provide USD 30Mln in COVID-19... 
Andhra CM orders cash reward of Rs ...