The Union Cabinet on Tuesday approved amendments to the Insolvency and Bankruptcy Code (IBC) and the Companies Act, 2013, sources said, marking a key step in India’s corporate law reform.
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…