Cabinet approves amendments to Insolvency and Bankruptcy Code (IBC) and Companies Act. Details awaited. Aim to reduce resolution times.
New Delhi, Mar 10 (PTI) The Union Cabinet on Tuesday approved amendments to the insolvency law and the Companies Act, according to sources.
Specific details could not be immediately ascertained.
The sources said the Cabinet has cleared various amendments to the Insolvency and Bankruptcy Code (IBC) and the Companies Act, 2013.
Both laws are implemented by the corporate affairs ministry.
In August last year, the ministry had introduced a Bill in the Lok Sabha to amend the IBC, proposing a raft of changes, including provisions to reduce the time taken for admission of insolvency resolution applications. The…