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ARTICLE · 02 JULY 2018

Second Ordinance To Amend Insolvency And Bankruptcy Code 2016: From Structural Changes To Provisions To Streamline The Process

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The President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 on 6 June 2018 (Ordinance) to amend the Insolvency and Bankruptcy Code 2016 (IBC).

IndiaInsolvency/Bankruptcy/Re-Structuring
Kumar Saurabh Singh
Kumar Saurabh Singh
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The President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 on 6 June 2018 (Ordinance) to amend the Insolvency and Bankruptcy Code 2016 (IBC). In the short history of around one and half years since the provisions relating to corporate insolvency resolution process under IBC came into force in December 2016, the Ordinance marks the second amendment to IBC.

The first amendment to IBC (by way of an ordinance in November 2017, which was ratified by the Parliament in January 2018) primarily dealt with an amendment to introduce Section 29A to IBC which set out the grounds for ineligibility of the resolution applicants to submit a resolution plan under IBC.

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