Lok Sabha passes amendments to insolvency bill to bar defaulters from bidding process – Business Today

The Lok Sabha approved the Insolvency and Bankruptcy (Amendments) Bill, 2017 on Friday that bars wilful defaulters and promoters from bidding for companies awaiting insolvency resolution. This is to plug the loopholes in the resolution process and by being selective about who can participate in it.

Tabled before the lower house of Parliament yesterday, the Bill was passed after a reply from the Finance Minister Arun Jaitley. The Bill will replace an ordinance that was introduced in November this year.

The latest amendments are meant to punish defaulters as well as make the insolvency resolution process more efficient. Some, of the stricter provisions of the earl…

Read the full article at: http://www.businesstoday.in/current/economy-politics/lok-sabha-passes-insolvency-and-bankruptcy-amendment-bill-prohibit-defaulters-promoters-bidding-process/story/267011.html