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ARTICLE · 20 JUNE 2023

The Insolvency And Bankruptcy Code (Amendment) Ordinance, 2018 | Far Reaching Changes

Mansukhlal Hiralal & Company
Mansukhlal Hiralal & Company
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This update briefly summarises the important amendments introduced by the Ordinance in line with its objectives.

IndiaInsolvency/Bankruptcy/Re-Structuring
Bhushan Shah
Bhushan Shah
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Introduction

Pursuant to the Insolvency Law Reform Committee Report dated 3 April 2018 (Report), the Government has promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (Ordinance) on 6 June 2018 to implement the recommendations in the Report by amending the Insolvency and Bankruptcy Code, 2016 (IBC).

The objectives of the Ordinance are inter alia (i) to balance the interests of various stakeholders in the IBC especially interests of home buyers and micro, small and medium enterprises; (ii) promoting resolution over liquidation of the corporate debtor by lowering the voting threshold of the Committee of Creditors (CoC); and (iii) streamlining provisions relating to eligibility of resolution applicants.

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