The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017, dated 23 November 2017, was promulgated by President RN Kovind to amend the provisions relating to the insolvency resolution process contained in the Insolvency and Bankruptcy Code, 2016. The ordinance has made several amendments in order to bring clarity to the resolution process under the code. Some of the key changes are:
Applicability of the code. The ordinance has expanded the applicability of the code to include personal guarantors who have provided a guarantee for a borrowing by a corporate borrower, which was hitherto an uncertain position. The ordinance makes the code applicable to proprietorship firms, which could potentially bring several small and …
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