more-inPresident Ram Nath Kovind on Thursday gave his assent to the Ordinance approved by the Union Cabinet to amend the Insolvency and Bankruptcy Code (IBC) to strengthen the regime. 2 crore.”The Ordinance aims at putting in place safeguards to prevent unscrupulous, undesirable persons from misusing the IBC, the statement said. The Insolvency and Bankruptcy Board of India (IBBI) has also been given additional powers. It has also been specifically provided that CoC shall reject a resolution plan, which is submitted before the commencement of the Ordinance but is yet to be approved, and where the resolution applicant is not eligible as per the new norms. “In such cases, on account of the rejection, where there is no other plan available with the CoC, it may invite fresh resolution plans,” the statement said.

Source: The Hindu November 23, 2017 10:41 UTC