{"id":217081,"date":"2019-07-19T18:30:27","date_gmt":"2019-07-19T13:00:27","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=217081"},"modified":"2019-07-19T18:05:53","modified_gmt":"2019-07-19T12:35:53","slug":"insolvency-and-bankruptcy-code-amendment-bill-2019-to-be-introduced-in-parliament-series-of-amendments-suggested","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/19\/insolvency-and-bankruptcy-code-amendment-bill-2019-to-be-introduced-in-parliament-series-of-amendments-suggested\/","title":{"rendered":"Insolvency and Bankruptcy Code (Amendment) Bill, 2019 to be introduced in Parliament &#8212; Series of amendments suggested!"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #008000;\"><strong>Union Cabinet approved the proposal to introduce a Bill in the Parliament to carry out 08 amendments to the Insolvency and Bankruptcy Code, 2016.<\/strong><\/span> The amendments aim to fill critical gaps in the corporate insolvency resolution framework as enshrined in the Code, while simultaneously maximizing value from the Corporate Insolvency Resolution Process (CIRP).<\/p>\n<p style=\"text-align: justify;\">The Government intends to ensure maximization of value of a corporate debtor as a going concern while simultaneously adhering to strict timelines.<\/p>\n<p style=\"text-align: justify;\"><strong>The salient features of the amendments are:<\/strong><\/p>\n<p style=\"text-align: justify;\">a) Clarity on allowing comprehensive corporate restructuring schemes such as mergers, demergers, amalgamations, etc as part of the resolution plan.<\/p>\n<p style=\"text-align: justify;\">b) Greater emphasis on the need for time-bound disposal at application stage.<\/p>\n<p style=\"text-align: justify;\">c) A deadline for completion of CIRP within an overall limit of 330 days, including litigation and other judicial processes.<\/p>\n<p style=\"text-align: justify;\">d) Votes of all financial creditors covered under Section 21 (6A) shall be cast in accordance with the decision approved by the highest voting share (more than 50%) of financial creditors on present and voting basis.<\/p>\n<p style=\"text-align: justify;\">e) A specific provision that financial creditors who have not voted in favor of the resolution plan and operational creditors shall receive at least the amount that would have been received by them if the amount to be distributed under the resolution plan had been distributed in accordance with Section 53 of the Code or the amount that would have been received if the liquidation value of the corporate debtor had been distributed in accordance with Section 53 of the Code, whichever is higher. This will have retrospective effect where the resolution plan has not attained finality or has been appealed against.<\/p>\n<p style=\"text-align: justify;\">f) Inclusion of commercial consideration in the manner of distribution proposed in the resolution plan, within the powers of the Committee of Creditors.<\/p>\n<p style=\"text-align: justify;\">g) Clarity that the plan shall be binding on all stakeholders including the Central Government, any State Government or local authority to whom a debt in respect of the payment of the dues may be owed.<\/p>\n<p style=\"text-align: justify;\">h) Clarity that the Committee of Creditors may take the decision to liquidate the corporate debtor, any time after the constitution of the Committee of Creditors and before preparation of Information Memorandum.<\/p>\n<p style=\"text-align: justify;\">The proposal is in line with the overall objective of the government to achieve the outcomes envisioned in the Insolvency and Bankruptcy Code and seeks to ensure speedier resolution of cases involving corporate debtors.<\/p>\n<hr \/>\n<p><strong>[Press Release dt. 17-07-2019]<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>Ministry of Corporate Affairs<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Union Cabinet approved the proposal to introduce a Bill in the Parliament to carry out 08 amendments to the Insolvency and Bankruptcy <\/p>\n","protected":false},"author":8808,"featured_media":209748,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[29618,36702],"class_list":["post-217081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-amendments","tag-insolvency-and-bankruptcy-code-amendment-bill-2019"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insolvency and Bankruptcy Code (Amendment) Bill, 2019 to be introduced in Parliament -- Series of amendments suggested! | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/19\/insolvency-and-bankruptcy-code-amendment-bill-2019-to-be-introduced-in-parliament-series-of-amendments-suggested\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insolvency and Bankruptcy Code (Amendment) Bill, 2019 to be introduced in Parliament -- Series of amendments suggested!\" \/>\n<meta property=\"og:description\" content=\"Union Cabinet approved the proposal to introduce a Bill in the Parliament to carry out 08 amendments to the Insolvency and Bankruptcy\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/19\/insolvency-and-bankruptcy-code-amendment-bill-2019-to-be-introduced-in-parliament-series-of-amendments-suggested\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-19T13:00:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bhumika Indulia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/19\/insolvency-and-bankruptcy-code-amendment-bill-2019-to-be-introduced-in-parliament-series-of-amendments-suggested\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/19\/insolvency-and-bankruptcy-code-amendment-bill-2019-to-be-introduced-in-parliament-series-of-amendments-suggested\/\",\"name\":\"Insolvency and Bankruptcy Code (Amendment) Bill, 2019 to be introduced in Parliament -- Series of amendments suggested! 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Series of amendments have been laid down in the said Bill. One of the significant insertions that have been brought in the Bill is Insertion of new Section 32 A After Section 32 of the principal Act,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":223215,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/12\/cabinet-approves-insolvency-and-bankruptcy-code-second-amendment-bill-2019-amendments-would-further-ease-doing-of-business\/","url_meta":{"origin":217081,"position":1},"title":"Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019; Amendments would further ease doing of business","author":"Bhumika Indulia","date":"December 12, 2019","format":false,"excerpt":"The Union Cabinet has approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (code), through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. The amendments aim to remove certain difficulties being faced during the insolvency resolution process to realise the objects of the code and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":223671,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/30\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2019\/","url_meta":{"origin":217081,"position":2},"title":"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019","author":"Bhumika Indulia","date":"December 30, 2019","format":false,"excerpt":"President on 28-12-2019 promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 to amend the Insolvency and Bankruptcy Code, 2016. Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 was introduced in the House of People on 12-12-2019 though it could not be taken up for consideration. At present, though the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":217614,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/01\/parliament-passes-the-insolvency-and-bankruptcy-amendment-bill-2019-330-days-time-limit-for-insolvency-resolution-process\/","url_meta":{"origin":217081,"position":3},"title":"Parliament passes the Insolvency and Bankruptcy (Amendment) Bill, 2019; 330-days time limit for Insolvency Resolution Process!","author":"Bhumika Indulia","date":"August 1, 2019","format":false,"excerpt":"As reported by ANI, Parliament has approved the Insolvency and Bankruptcy (Amendment) Bill, 2019\u00a0which will amend the Insolvency and Bankruptcy Code, 2016. To fill the critical gaps in the corporate insolvency framework, Insolvency and Bankruptcy Code (Amendment) Bill, 2019 has been introduced. The critically analysed 7 seven amendments that will\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":226557,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/05\/standing-committee-on-finance-submits-its-6th-report-on-insolvency-and-bankruptcy-second-amendment-bill-2019\/","url_meta":{"origin":217081,"position":4},"title":"Standing Committee on Finance submits its 6th Report on &#8212; Insolvency and Bankruptcy (Second Amendment) Bill, 2019","author":"Bhumika Indulia","date":"March 5, 2020","format":false,"excerpt":"Standing Committee on Finance (2019-2020) prsented the Sixth Report on Insolvency and Bankruptcy (Second Amendment) Bill, 2019 in Lok Sabha on 04-03-2020. Insolvency and Bankruptcy Code was enacted on May 28, 2016, to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217442,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/29\/ibbi-notifies-amendments-to-regulations-in-regard-to-liquidation-process-90-days-for-completion-of-compromise\/","url_meta":{"origin":217081,"position":5},"title":"IBBI notifies amendments to regulations in regard to liquidation process; 90 days for completion of compromise","author":"Bhumika Indulia","date":"July 29, 2019","format":false,"excerpt":"The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Insolvency and Bankruptcy Board of India (IBBI) notified the: Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/217081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=217081"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/217081\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209748"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=217081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=217081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=217081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}