The much-awaited Insolvency & Bankruptcy Code (Amendment) Bill which will tighten norms on willful defaulters, was passed by Lok Sabha.
Amendment in IBC, excludes willful defaulters and existing promoters from bidding to purchase stressed asset of companies, which are under going insolvency proceedings.
Union Finance Minister Arun Jaitley during the discussion on IBC, said, “The government cannot allow loan defaulters to merrily walk back by just paying a fraction of the amount due.”
Responding to a question raised by Premachandran, Jaitley said, “The ordinance is necessary, because this act itself provides a 180 days time period in which a resolution is needed to be completed.”
Jaitley said,”There are 12 cases referred by th…
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