IBC Ordinance

Sitharaman is in charge of both finance and corporate affairs ministries.

In view of the suspension of the IBC, the government must create an alternative framework. It is the need of the hour

The Corporate Affairs ministry will issue a special circular to define the time period which will cover "covid related debt" to be exempted from default, the finance minister said

The Code has already been amended thrice and a Bill to amend it was introduced in the Lok Sabha on December 12

Sitharaman said India's gross domestic product (GDP) growth during 2014-19 averaged 7.5 per cent, which was the highest among G-20 countries.

Of the 2,162 cases admitted under the IBC, corporate insolvency resolution process of 1,292 cases are going on

Seshagiri Rao pointed out a clarification on immunity to corporate debtor was required as there could be claims from other departments of govt which could eventually result in some problem

Congress leader Mallikarjun Kharge and several others alleged that the ordinance was brought to facilitate the acquisition of Alok Industries by Reliance Industries

I am more than happy with the progress in implementation of the Code, as well as the performance of the stakeholders and agencies involved in the resolution process, says IBBI Chairman, M S Sahoo

The Insolvency and Bankruptcy Code (IBC) Amendment Ordinance, promulgated on Wednesday, bans late bids in resolution processes

Also, section 29 (A), inserted in the Code to debar defaulting promoters and related parties, would be relaxed for financial creditors who have acquired defaulting firms and MSMEs

An Essar Steel spokesperson also said the company is not a wilful defaulter