The government has introduced the Insolvency and Bankruptcy Code (Amendment) Bill, 2017 in Lok Sabha. The Bill, introduced by Finance Minister Arun Jaitley, aims, among other things, to prohibit wilful defaulters and those associated with non-performing assets (NPAs) from regaining control of the defaulting company / stressed assets through the backdoor in the garb of a ‘resolution applicant’.
As per the Bill, it seeks to repeal and replace the IBC (Amendment) Ordinance, 2017 as well as proposes to make the certain modifications to the Ordinance (that was promulgated by the President Ram Nath Kovind last month).
