Cabinet Clears Ordinance To Further Amend Insolvency Law
A notice reading “We Are Out Of Cash” is displayed on the shuttered entrance. (Photographer: Anindito Mukherjee/Bloomberg)  

Cabinet Clears Ordinance To Further Amend Insolvency Law

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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.

Also read: Cabinet Decisions: India To Launch ‘Massive’ Census And Update National Population Register Simultaneously

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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