You are here: Home » Economy & Policy » News
Business Standard

Cabinet has approved amendments to bankruptcy code: Ravi Shankar Prasad

A 14-member Insolvency Law Committee had made suggestions to the Ministry of Corporate Affairs, including addressing woes of home buyers and making recoveries easier for lenders

Press Trust of India  |  New Delhi 

Ravi Shankar Prasad
Ravi Shankar Prasad

The Cabinet on Wednesday cleared amendments to the (IBC), incorporating changes suggested by a government-appointed panel.

Minister for Law and Justice Ravi Shankar Prasad, briefing reporters after the Cabinet meet said, "I cannot disclose anything because it's a new legislation except to reinforce that the Cabinet has approved it".

Asked if the Cabinet has cleared some relief measures for as per the recommendations of the panel, Prasad said, "there is something called constitutional protocol. An Ordinance till it is approved by the President, I cannot speak about the details".

A 14-member had made suggestions to the Ministry of Corporate Affairs, including addressing woes of and making recoveries easier for lenders.

The panel had suggested that should be treated as financial creditors, which will allow them to equitably participate in an insolvency resolution process.

The panel has also suggested relaxations for Micro, (MSMEs) under the IBC.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, May 23 2018. 16:21 IST
RECOMMENDED FOR YOU