NEW DELHI:The Government on Wednesday introduced The Insolvency and Bankruptcy Code (Amendment) Bill 2019, that seeks to ensure timely completion of debt resolution process and provide more clarity on rights of stakeholders.
Finance Minister Nirmala Sitharaman introduced the bill seeking as many as seven amendments to the Insolvency and Bankruptcy Code, which provides for resolution of bad loans.
The minister referred to few points about importance of the Bill in the Rajya Sabha. But leader of opposition Ghulam Nabi Azad told the chair that she can talk about it at the time of consideration of the bill and sought continuation of the discussion on The Protection of Children From Sexual Offences (Amendment) Bill 2019.
The proposed amendments to the Code are aimed at filling critical gaps in the corporate insolvency resolution framework while at the same time maximising value from resolution.
The changes in the law are aimed at timely admission of applications and timely completion of the corporate insolvency resolution process.