The Narendra Modi government may include a few more changes in the Insolvency and Bankruptcy Code or IBC ordinance in the finance bill when it is tabled in Parliament during the Budget session, according to a top official quoted in this Economic Times report.
The IBC was put into effect in May 2016 and the authorities started to invoke the act after six months in December that year.
In November this year, the Union Cabinet through an ordinance had approved some sweeping changes in the IBC, 2016 and barred promoter of an insolvent or bankrupt company from taking part in the final bidding process for stressed assets as part of corporate resolution process.
Representational image.
After the new provision has been incorporated in the IBC ordin…
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