Lok Sabha passes Bill to amend Insolvency & Bankruptcy Code
The Lok Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill -2017.The bill prohibits certain persons from submitting a resolution plan in case of defaults.
These include wilful defaulters, promoters or management of the company if it has an outstanding non-performing debt for over a year.
The Bill also has provisions to bar the sale of property of a defaulter to such persons during liquidation. Earlier, Finance Minister Arun Jaitley moved the bill for the consideration and passing.
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