The Insolvency and Bankruptcy 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.
Minister of State for Corporate Affairs P P Chaudhary informed the Rajya Sabha that "there does not seem to be any reduction" in submission of resolution plans after enactment of the Ordinance.
"Eight resolution plans have been approved by National Company Law Tribunal (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.
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