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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