Insolvency law amendments to ensure greater timeliness, says FM Nirmala Sitharaman
Updated : August 01, 2019 01:37 PM IST
Moving the Insolvency and Bankruptcy Code (Amendment) Bill, 2019 for passage in Lok Sabha, she said the changes would also bring in more clarity on various provisions, including time-bound disposal at the application stage for resolution plan and treatment of financial creditors.
Once the Corporate Insolvency Resolution Process (CIRP) begins, it has to be completed in 330 days, including litigation stages and judicial process, the minister said citing the proposed amendments.
Sitharaman said proposed amendments also responds to issues pertaining to financial creditors in the wake of a recent ruling with respect to financial and operational creditors.