Bankruptcy Code: Whats changed, what it means? – Economic Times

As expected from a new set of laws for a complex subject, the Insolvency and Bankruptcy Code is evolving. And as is frequently also the case, the changes in a complex law can get confusing. ET gives a snapshot of where things stand now, and how that affects stakeholders.

Legislation/SC Judgement:
First IBC Amendment (Nov 2017)

What is the change Why was it made What does it mean
Introduction of Section 29 A. Provision introduced to bar promoters from bidding for their companies. Defaulters prevented from regaining control of their companies at a cheaper value.
Persons who have remained in management or control of an account that has been an NPA for more than 12 months barred from bidding. To ensure that all defaulters a…

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