In a bid to prevent willful defaulters to make bids for stressed assets which totals to 9.5 lakh crore, amendments to IBC have got an approval as per reports today. For the same, Finance Minister is slated to report to the press in later part of the day about the development.
Amendments For Insolvency and Bankruptcy Code Get Cabinet Approval
Meanwhile, the nod for the constitution of 15th Finance Commission also got a go-ahead. The government also red flagged banks agains letting willful defaulters making bid for stressed assets as it aims to cut down on the menace by all measures.
The ordinance allows the government to choose stressed assets buyers and help them to get better prices.
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