NEW DELHI: The Cabinet as of late cleared amendments to the Insolvency and Bankruptcy Code (IBC), incorporating adjustments prompt via a central authority appointed panel.
Minister for Law and Justice Ravi Shankar Prasad, briefing journalists after the Cabinet meet said, "I cannot disclose anything because it's a new legislation except to reinforce that the Cabinet has approved it".
Asked if the Cabinet has cleared some relief measures for home consumers as consistent with the recommendations of the panel, Prasad said, "there is something called constitutional protocol. An Ordinance till it is approved by the President, I cannot speak about the details".
A 14-member Insolvency Law Committee had made tips to the Ministry of Corporate Affairs, including addressing woes of home consumers and making recoveries more straightforward for lenders.
The panel had prompt that home consumers should be treated as financial creditors, which can let them equitably participate in an insolvency solution procedure.
The panel has also prompt relaxations for Micro, Small and Medium Enterprises (MSMEs) beneath the IBC.
Minister for Law and Justice Ravi Shankar Prasad, briefing journalists after the Cabinet meet said, "I cannot disclose anything because it's a new legislation except to reinforce that the Cabinet has approved it".
Asked if the Cabinet has cleared some relief measures for home consumers as consistent with the recommendations of the panel, Prasad said, "there is something called constitutional protocol. An Ordinance till it is approved by the President, I cannot speak about the details".
A 14-member Insolvency Law Committee had made tips to the Ministry of Corporate Affairs, including addressing woes of home consumers and making recoveries more straightforward for lenders.
The panel had prompt that home consumers should be treated as financial creditors, which can let them equitably participate in an insolvency solution procedure.
The panel has also prompt relaxations for Micro, Small and Medium Enterprises (MSMEs) beneath the IBC.
Cabinet clears amendments to bankruptcy code
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Reviewed by Kailash
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May 23, 2018
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