A rise in high-profile banking frauds led to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The ordinance, effective from 6 June, presses for greater transparency in the corporate insolvency resolution process (CIRP), to prevent unscrupulous persons from misusing or vitiating the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).
Managing partner
Deepak Sabharwal & Associates
The ordinance brings in some major changes, mainly in the real estate and financial sectors, and seeks to encourage sustainable growth of the credit market in India. Anyone with banking interests in India needs to evaluate and analyse the current insolvency law.
Key highlights of the ordinance are:
Applicabi…
Read the full article at: https://www.vantageasia.com/changes-aim-halt-abuse-insolvency-proceedings/