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Cabinet Clears Ordinance To Further Amend Insolvency Law
The bill, introduced in the Lok Sabha, seeks to remove bottlenecks and streamline the corporate insolvency resolution process.
24 Dec 2019, 07:43 PM IST 
A notice reading “We Are Out Of Cash” is displayed on the shuttered entrance. (Photographer: Anindito Mukherjee/Bloomberg)
The Union Cabinet on Tuesday approved an ordinance to further amend the Insolvency and Bankruptcy Code.
On Dec. 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.
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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.
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