Centre amends Insolvency and Bankruptcy Code

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InsolvencyIn a bid to ensure the better realisation of stressed assets, Centre has approved the amendment in the Insolvency and Bankruptcy Code.

The Cabinet on Wednesday gave its ex-post facto approval to the modifications suggested in the Bill that replaced the Insolvency and Bankruptcy Code (Amendment) Bill 2017.

“The amendment will bring clarity and ensure that the prohibition of certain persons in the resolution process of an insolvent corporate person does not include unintended persons and the opportunity given to a person whose account is classified as non-performing asset is more equitable,” said the official communiqué.

The regulations initiated, require the professional assigned for insolvency resolution and in-charge of assets, to recruit two professional registered valuers to determine the fair value and liquidation value of the asset.

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