NEW DELHI: The government has further revised the ordinance it proposes to move to make changes to the Insolvency and Bankruptcy Code (IBC).
The updated note that will be sent to cabinet for approval is likely to restrict the wide exemption proposed earlier for micro, small and medium enterprises (MSMEs) from the provisions of Section 29A that disqualifies certain persons from bidding for an insolvent company.
The revised cabinet note will also include a provision to allow participation by promoters released from imprisonment six years before the date of submission of a resolution plan, a senior official told ET. Many of the changes to the IBC will be made through the rules and regulations.
A new cabinet note will be moved by the min…
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