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No reduction in approval of resolution plans after enactment of IBC (Amendment) Ordinance 2017

Capital Market 

There is no reduction in submission of resolution plans after enactment of The and Code (Amendment) Ordinance, 2017. 8 (Eight) resolution plans have been approved by National Company Tribunal (NCLT) after coming into effect of as compared to 5 (Five) resolution plans approved earlier.

The said was promulgated on 23.11.2017 to amend and Code, 2016 (Code) in order to further strengthen the resolution process by prohibiting certain persons from submitting a resolution plan who, on account of their antecedents, may adversely impact the credibility of the processes under the Code and further to make provisions to specify certain additional requirements for submission and consideration of the resolution plan before its approval by committee of creditors.

The was replaced by The Insolvency and Code (Amendment) Act, 2018 on 18.01.2018.

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

First Published: Wed, March 14 2018. 10:00 IST