Insolvency and Bankruptcy Code Amendment Bill passes: Here's how the amended bill looks like
Updated : July 31, 2018 07:23 PM IST
The Insolvency and Bankruptcy Code (Second Amendment) Bill was tabled in the Lok Sabha by the interim Finance Minister Piyush Goyal.
The Bill tabled treats home buyers as “financial creditors”, giving them a better say in the resolution plan of developers. The problem here is that the amendment still has to classify the rationale for allottees under a real estate project as financial creditors as the proposed amendment can be questioned.
The tabled Bill stated that the businesses with abundant financial resources can be allowed to bid for multiple stressed assets without being disqualified, of which the contrary is followed as of today according to Section 29A.
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