{"id":51066,"date":"2017-12-30T15:48:58","date_gmt":"2017-12-30T10:18:58","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=51066"},"modified":"2017-12-30T15:48:58","modified_gmt":"2017-12-30T10:18:58","slug":"lok-sabha-passes-bill-amend-insolvency-bankruptcy-code","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/lok-sabha-passes-bill-amend-insolvency-bankruptcy-code","title":{"rendered":"Lok Sabha passes Bill to amend Insolvency &#038; Bankruptcy Code"},"content":{"rendered":"<p>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.<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/12\/Parliament-of-India-1.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"167\" data-attachment-id=\"51067\" data-permalink=\"https:\/\/www.legalindia.com\/news\/lok-sabha-passes-bill-amend-insolvency-bankruptcy-code\/parliament-house-in-new-delhi-on-july-24th-2015-express-photo-by-ravi-kanojia\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/12\/Parliament-of-India-1.jpg?fit=759%2C422&amp;ssl=1\" data-orig-size=\"759,422\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;10&quot;,&quot;credit&quot;:&quot;Ravi Kanojia&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;Parliament house in New Delhi on July 24th 2015. Express photo by Ravi Kanojia.&quot;,&quot;created_timestamp&quot;:&quot;1437741017&quot;,&quot;copyright&quot;:&quot;Ravi Kanojia\/ The Indian Express The Indian Express&quot;,&quot;focal_length&quot;:&quot;16&quot;,&quot;iso&quot;:&quot;320&quot;,&quot;shutter_speed&quot;:&quot;0.00125&quot;,&quot;title&quot;:&quot;Parliament house in New Delhi on July 24th 2015. Express photo by Ravi Kanojia.&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Parliament house in New Delhi on July 24th 2015. Express photo by Ravi Kanojia.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/12\/Parliament-of-India-1.jpg?fit=640%2C356&amp;ssl=1\" class=\"alignright size-medium wp-image-51067\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/12\/Parliament-of-India-1.jpg?resize=300%2C167&#038;ssl=1\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/12\/Parliament-of-India-1.jpg?resize=300%2C167&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/12\/Parliament-of-India-1.jpg?resize=150%2C83&amp;ssl=1 150w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/12\/Parliament-of-India-1.jpg?w=759&amp;ssl=1 759w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>These include wilful defaulters, promoters or management of the company if it has an outstanding non-performing debt for over a year.<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":51067,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[41044,2699,31987,41045,1625],"class_list":["post-51066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-amend-insolvency-bankruptcy-code","tag-bill","tag-featured","tag-insolvency-bankruptcy-code","tag-lok-sabha"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lok Sabha passes Bill to amend Insolvency &amp; Bankruptcy Code - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"The Lok Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill -2017.The bill prohibits certain persons from submitting a resolution plan in - Get the latest legal news from the Supreme Court, High Courts, and government. 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The minister said that Amendments to insolvency law are aimed at ensuring greater timeliness for resolution process, which has to be completed in\u2026","rel":"","context":"In &quot;High Profile Cases&quot;","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/10\/Lok-Sabha-News.jpg?fit=1000%2C550&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/10\/Lok-Sabha-News.jpg?fit=1000%2C550&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/10\/Lok-Sabha-News.jpg?fit=1000%2C550&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/10\/Lok-Sabha-News.jpg?fit=1000%2C550&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":53458,"url":"https:\/\/www.legalindia.com\/news\/death-for-child-rape-lok-sabha-passes-criminal-law-amendment-bill","url_meta":{"origin":51066,"position":1},"title":"Death for Child Rape : Lok Sabha Passes Criminal Law Amendment Bill","author":"Legal India Admin","date":"July 31, 2018","format":false,"excerpt":"On Monday, July 30, the Lok Sabha passed Criminal Law(Amendment) Bill making rape of girl below the age of twelve years an offence punishable with death. The Bill seeks to amend provisions of Indian Penal Code(IPC), Code of Criminal Procedure, Evidence Act and Protection of Children from Sexual Offences Act\u2026","rel":"","context":"In &quot;Criminal Law News&quot;","block_context":{"text":"Criminal Law News","link":"https:\/\/www.legalindia.com\/news\/category\/criminal-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/07\/7.jpg?fit=960%2C543&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/07\/7.jpg?fit=960%2C543&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/07\/7.jpg?fit=960%2C543&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/07\/7.jpg?fit=960%2C543&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":55264,"url":"https:\/\/www.legalindia.com\/news\/supreme-court-upholds-constitutional-validity-of-insolvency-and-bankruptcy-code","url_meta":{"origin":51066,"position":2},"title":"Supreme Court upholds constitutional validity of Insolvency and Bankruptcy Code","author":"Legal India Admin","date":"January 26, 2019","format":false,"excerpt":"The Supreme Court on Friday upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC). A bench headed by Justice R F Nariman said they have upheld the constitutional validity \"in its entirety\". The court, however, said that related parties in the act should mean a person connected with\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/01\/sc-1-300x143.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":60926,"url":"https:\/\/www.legalindia.com\/news\/insolvency-and-bankruptcy-board-of-india-amends-the-insolvency-and-bankruptcy-board-of-india-insolvency-resolution-process-for-corporate-persons-regulations-2016","url_meta":{"origin":51066,"position":3},"title":"Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016","author":"Legal India Admin","date":"July 22, 2021","format":false,"excerpt":"\u00a0by PIB Delhi The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14th\u00a0July, 2021. The amendment regulations enhance the discipline, transparency, and accountability in corporate insolvency proceedings: A corporate debtor (CD) may\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54494,"url":"https:\/\/www.legalindia.com\/news\/jurisprudence-emanating-from-section-238-a-of-the-insolvency-bankruptcy-code-2016","url_meta":{"origin":51066,"position":4},"title":"Jurisprudence emanating from Section 238-A of the Insolvency &#038; Bankruptcy Code 2016","author":"Legal India Admin","date":"October 22, 2018","format":false,"excerpt":"","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/Image-of-Insolvency-and-Bankruptcy-Code-2016.png?fit=305%2C458&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":60045,"url":"https:\/\/www.legalindia.com\/news\/plea-against-insolvency-code-ordinance-delhi-high-court-seeks-centre-stand","url_meta":{"origin":51066,"position":5},"title":"Plea against Insolvency code ordinance : Delhi High Court seeks Centre stand","author":"Legal India Admin","date":"July 28, 2020","format":false,"excerpt":"The Delhi High Court Tuesday sought the Centre's reply on a plea challenging the Insolvency and Bankruptcy Code (IBC) Ordinance which suspended proceedings against defaults arising on or after March 25 for six months in view of the COVID-19 pandemic. 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