Cabinet gives ex-post facto nod for amendments in IBC

The Cabinet today gave its ex-post facto approval for the amendments that were made in the Insolvency and Bankruptcy Code.

Ex-post facto approval has been given by the Cabinet to the modifications carried out through the IBC (Amendment) Bill, 2017, an official release said.

It had replaced the IBC (Amendment) Ordinance, 2017.

The Bill was passed by Parliament in December last year following which it became the IBC (Amendment) Act, 2018.

The amendment brings in clarity and prohibits certain persons from participating in the resolution process.

It would "ensure that the prohibition of certain persons in the resolution process of an insolvent corporate person does not include unintended persons and the opportunity given to a person whose account is classified as non-performing asset is more equitable," the release said.