The authorities on Thursday invited comments on varied amendments proposed to the insolvency law, together with to provisions associated to time interval for approval of decision plans in addition to avoidable transactions and wrongful buying and selling.
The amendments have been proposed by the Insolvency Law Committee (ILC). The comments have been sought until January 13, 2022.
According to a communication, modifications have been proposed to allow a swift admission course of, streamline provisions pertaining to avoidable transactions and wrongful buying and selling and norms relating to time interval for approval of decision plans.
Besides, amendments have been steered in reference to closure of the voluntary liquidation course of and the IBC Fund.
The Insolvency and Bankruptcy Code (IBC) got here into pressure in 2016 and has already undergone varied amendments.
The proposed amendments are for the Corporate Insolvency Resolution and Liquidation Framework underneath the Code, which is being administered by the company affairs ministry.
(Only the headline and film of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)
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