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Jul 17, 2019

Cabinet approves proposal to carry out seven amendments to Insolvency and Bankruptcy Code, 2016

The Union Cabinet has also approved the proposal to carry out seven amendments to the Insolvency and Bankruptcy Code, 2016 through the Insolvency and Bankruptcy Code (Amendment) Bill, 2019.

The amendments aim to fill critical gaps in the corporate insolvency resolution framework as enshrined in the code, while simultaneously maximising value from the Corporate Insolvency Resolution Process (CIRP).

This will enable the government to ensure maximization of value of a corporate debtor while simultaneously adhering to strict timeliness. The amended code will provide clarity on comprehensive corporate restructuring schemes such as mergers, demergers and amalgamations as part of the resolution plan. 

The amendment places a greater emphasis on the need for time-bound disposal at the application stage. This includes a deadline for completion of CIRP with an overall limit of 330 days including litigation and other judicial processes. 

In other important decisions, the Cabinet also approved replacement of Companies (Amendment) Second Ordinance, 2019 with the Companies (Amendment) Bill, 2019 with certain modifications.

The proposed amendments will lead to further promotion of ease of doing business with focus on serious cases of violations of the Act and enhanced compliance by corporates.

The amendments will benefit law abiding corporates while simultaneously plugging gaps in the corporate governance and compliance framework enshrined in the Companies Act, 2013.

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