Lok Sabha passes Insolvency and Bankruptcy Code (Amendment) Bill, 2019

New Delhi: A view of the Lok Sabha during the Budget Session of Parliament, in New Delhi, Monday, June 24, 2019. (LSTV Grab/PTI)(PTI6_24_2019_000076B)

Finance and Corporate Affairs Minister Nirmala Sitharaman said that the amendments proposed in the bill aim to ensure timely admission and completion of corporate insolvency resolution process.

The minister said that Amendments to insolvency law are aimed at ensuring greater timeliness for resolution process, which has to be completed in 330 days, and changes are to made in seven sections of the law.

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.

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