Parliament today passed the Insolvency and Bankruptcy Code (Amendment) Bill 2019.
The Bill was earlier passed in Rajya Sabha. Today, after a three-hour-long discussion on the Amendments the Bill was passed in the Lok Sabha.
The Bill was approved in Lok Sabha after the Union Finance Minister Nirmala Sitharman answered all the queries on the amendments moved by the Government. Around eight amendments to seven sections in the IBC is now amended.
The Bill aims to ensure that the admission of Insolvency cases are done timely and shall be completed within the deadline of 330 days. The deadline has been changed from that of 270 days earlier. The resolution plan under the corporate Insolvency resolution process will bind to all the Centre, State, and Local authorities.