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Parliament passes Insolvency & Bankruptcy Code Amendment Bill

Steel News - Published on Wed, 03 Jan 2018

Image Source: legaleraonline.com
Economic Times reported that Finance Minister Arun Jaitley today said the government has entered into an unchartered territory as far as bankruptcy and insolvency Code is concerned and would continue to modify the law dealing with the issue. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 Bill was passed by the Lok Sabha last week and was now passed in Rajya Sabha.

The bill seeks to replace an ordinance which was promulgated in November to prevent unscrupulous persons from misusing or vitiating the provisions of the Insolvency and Bankruptcy Code (IBC). The ineligible persons or entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as non-performing asset.

These persons, however, can become eligible to submit a resolution plan if they clear all the overdue amounts with interest and other charges relating to their NPA accounts.

Those defaulters who had participated in the insolvency proceedings before November 23 can also bid for stressed assets provided they clear their dues in a month.

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Posted By : Nanda Koijam on Wed, 03 Jan 2018
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