The Cabinet on Wednesday approved changes to the Insolvency and Bankruptcy Code (IBC), and sent it to the President for his approval.
Once approved, the ordinance will be placed before Parliament in the winter session.
Finance minister Arun Jaitley did not divulge details about the changes being made to the code, since the Presidents approval is awaited. Some changes are proposed to the IBC, since this is being done by an ordinance and till it is approved, as a matter of propriety, we dont give the details, Jaitley told reporters during a press conference after the Cabinet meeting.
Top sources in the government told HT that the amendment was likely to streamline the process of selecting buyers of stressed assets, and would prevent wilful d…
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