With the government taking a considerate stance while amending the IBC law, there seems to be enough leeway for prudent promoters to be able to bid for their company’s assets. The amends
The Insolvency and Bankruptcy Code (Amendment) Bill, 2017 aims to empower banks and lenders by preventing defaulting promoters from misusing the provisions of the IBC, 2016. The bill passed by the Lok Sabha on Friday follows an ordinance that was introduced in November to make wilful defaulters and rogue promoters of non-performing assets ineligible to offer a resolution plan for their company. According to …
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