News digest: Tweaks in IBC code, clouds over Rafale deal, and more

The government has brought back the main author of the now junked Direct Taxes Code (DTC) as a convenor of the task force to review the decades-old provisions of the Income-Tax Act

Tweaks in IBC code to block wilful defaulters

Wilful defaulters, dubious promoters as well as those involved in fraudulent transactions would not be able to bid for companies going insolvent, with the Centre deciding to amend the Insolvency and Bankruptcy Code.

The Cabinet approved an ordinance on Wednesday. The amendments would come in force with immediate effect (after the President promulgates it), Finance and Corporate Affairs Minister Arun Jaitley said after the meeting. Read more

Jio & Airtel to use customer bank to challenge Paytm

Reliance Jio and Bharti Airtel are set to declare war on Paytm