Insolvency & BankruptcyLegal Updates

Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019, copy of the bill attached

IBBI Update

Cabinet has approved Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 with the aim to remove certain difficulties being faced during insolvency resolution process to realise the objects of the code and to further ease doing of business.
Sections 5(12), 5(15), 7, 11, 14, 16(1), 21(2), 23(1), 29A, 227, 239, 240 of Insolvency and Bankruptcy Code, 2016 has been amended and Section 32A has been inserted in the Insolvency and Bankruptcy Code, 2016 (Code). 
 
Link of the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019
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