In a significant move, the government Wednesday cleared seven amendments to the insolvency law. As many as seven amendments would be made to the Insolvency and Bankruptcy Code, which is helping in resolution of stressed assets. The amendments to the Insolvency and Bankruptcy Code (IBC) are aimed at filling a critical gap in the corporate insolvency resolution framework while at the same maximising value from the resolution process. The Cabinet has approved Insolvency and Bankruptcy Code (Amendment) Bill, 2019. The amendments would "enable the government to ensure maximisation of value of a corporate debtor as a going concern while simultaneously adhering to strict timelines," the release added.

Source: dna July 17, 2019 11:41 UTC