The government has invited comments on the proposed amendment to the insolvency law
New Delhi:
On Thursday, the Government invited comments on various proposed amendments to the default law, including provisions regarding the timeframe for approving the settlement plan as well as transactions. avoidable and erroneous transactions.
The amendments were proposed by the Insolvency Law Committee (ILC). Comments were sought until January 13, 2022.
According to a communication, changes have been proposed to allow for a speedy admission process, streamlining the provisions relating to avoidable and improper trades and the associated metrics. regarding the timeframe for approving the resolution plan.
In addition, amendments have been proposed regarding the closure of the voluntary liquidation process and the IBC Fund.
The Bankruptcy and Bankruptcy Code (IBC) went into effect in 2016 and has undergone several amendments.
Proposed amendments to the Code of Insolvency and Liquidation Framework, which are being administered by the Corporate Affairs Department.
