Parliament passes amendments to Insolvency and Bankruptcy Code

Parliament on Thursday passed amendments to the insolvency law that will help ring-fence successful bidders of insolvent companies from the risk of criminal proceedings for offences committed by previous promoters. The Insolvency and Bankruptcy Code (Amendment) Bill, 2020 was passed by voice vote in Rajya Sabha. It was approved by Lok Sabha on March 6. The Bill replaces an ordinance. Replying to a short debate on the bill, Finance Minister Nirmala Sitharaman said amendments are sync with time and also adhere to a Supreme Court order in "letter and spirit".

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