NEW DELHI: Wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets under the insolvency law, with the President giving his assent to an ordinance to amend the bankruptcy code.
“The President of India has given his assent today to the Ordinance to amend the Insolvency and Bankruptcy Code, 2016 (the Code),” an official release said.
The ordinance aims at putting in place safeguards to prevent unscrupulous persons from misusing or vitiating the provisions of the Code.
“The amendments aim to keep out such persons who have wilfully defaulted, are associated with non-performing assets (NPAs), or are habitually non-compliant and, therefore, are likely to be a risk to successful r…
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