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IBC: Govt says no reduction in resolution plan submissions post Ordinance

Press Trust of India  |  New Delhi 

The government today said there has been no reduction in submission of resolution plans after amendments to the law wherein certain persons, including wilful defaulters, have been barred from putting in their bids.

The and Code (Amendment) Ordinance was promulgated on November 23, 2017, following which wilful defaulters were barred from submitting resolution plan. Besides, it made further provisions to specify certain additional requirements for submission and consideration of the resolution plan before its approval by committee of creditors.

informed the Rajya Sabha that "there does not seem to be any reduction" in submission of resolution plans after enactment of the Ordinance.

On January 18 this year, the Ordinance was replaced by the IBC (Amendment) Act, 2018.

"Eight resolution plans have been approved by (NCLT) after coming into effect of Ordinance as compared to five resolution plans approved earlier," Chaudhary said in a written reply.

The Code provides for market-determined and time-bound resolution process.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 17:40 IST
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