MCA issued Press Release Note dated 17th July, 2019 on “Insolvency and Bankruptcy Code (Amendment) Bill, 2019” pertaining to the Union Cabinet’s recent approval to the proposed amendments to the Insolvency and Bankruptcy Code, 2016.
The amendments aim to fill critical gaps in the corporate insolvency resolution framework and maximizing value from the Corporate Insolvency Resolution Process (CIRP). Also the Government intends to ensure maximization of value of a corporate debtor as a going concern while adhering to strict timelines.
The complete content of the Press Release along with the other salient features of the amendments are attached below:
