President gives assent to The Insolvency and Bankruptcy Code (Amendment) Act, 2018
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 has been passed by the Parliament on 18th January 2018 to be called The Insolvency and Bankruptcy Code (Amendment) Act, 2018.
The Amendment shall be deemed to be in force from November 23, 2017 aims to:
a. Prohibit certain persons from submitting a resolution plan who on account of their antecedents may adversely impact the credibility of the processes laid down under the Code; and
b. Specify certain additional requirements for submission and consideration of the resolution plan before approval of the committee of the creditors formed under the Code. Read more