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Insolvency and Bankruptcy Code (IBC) Amendment bill 2020
March 14 , 2020
1873 days
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- The amendment aims to protect the successful bidders of insolvent companies from risk of criminal proceedings.
- The criminal proceedings may be expected from previous promoters of the company.
- It seeks to remove bottlenecks and streamline the corporate insolvency resolution process.
- It aims to provide protection to new owners of a loan defaulter company against prosecution for misdeeds of previous owners.
About
- The IBC, which came into force in 2016, has already been amended thrice.
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