Parliament Passes Insolvency & Bankruptcy Code Amendment Bill

By Olga
Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    On Tuesday, the 2nd of January, Finance Minister Arun Jaitley said that 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, reported PTI.

    Parliament Passes Insolvency & Bankruptcy Code Amendment Bill

    The Insolvency and Bankruptcy Code Amendment Bill, was approved by the Rajya Sabha through a voice vote, yesterday. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 Bill was passed by the Lok Sabha last week.

    In the debate over the bill, Jaitley said, ""Insolvency and bankruptcy is an area in which it is only in the recent years that we have chartered into. It is a learning experience,". 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 bill objective is to allow creditors to move to the National Company Law Tribunal (NCLT) in case of insolvency.

    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more