Govt clears 7 amendments to IBC, extends Finance Commission's term

The government Wednesday cleared seven amendments to the insolvency law, seeking to speed up resolution and fix loopholes.

The Cabinet has approved the changes to the Insolvency and Bankruptcy Code (IBC). The amendments would "enable the government to ensure maximisation of value of a corporate debtor as a going concern while simultaneously adhering to strict timelines," an official release said. 

The Cabinet extended the 15th Finance Commission's term by a month till November 30, and broadened the ambit of its recommendation to include funds for defence and internal security.