{"id":223553,"date":"2019-12-24T18:30:32","date_gmt":"2019-12-24T13:00:32","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=223553"},"modified":"2019-12-24T17:24:55","modified_gmt":"2019-12-24T11:54:55","slug":"cabinet-approves-promulgation-of-the-insolvency-and-bankruptcy-code-amendment-ordinance-2019","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/24\/cabinet-approves-promulgation-of-the-insolvency-and-bankruptcy-code-amendment-ordinance-2019\/","title":{"rendered":"Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019"},"content":{"rendered":"<p style=\"text-align: justify;\">The Union Cabinet approved a proposal to promulgate an Ordinance to amend the Insolvency and Bankruptcy Code, 2016.<\/p>\n<p style=\"text-align: justify;\">The Amendment will remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016 and ensure smooth implementation of the Code.<\/p>\n<p style=\"text-align: justify;\">Under the Amendments, the liability of a corporate debtor for an offence committed prior to the commencement of the corporate insolvency resolution process shall cease, and the corporate debtor shall not be prosecuted for such an offence from the date the resolution plan has been approved by the Adjudicating Authority if the resolution plan results in the change in the management or control of the corporate debtor to a person who was not:<\/p>\n<ul style=\"text-align: justify;\">\n<li>A promoter or in the management or control of the corporate debtor or a related party of such a person; or<\/li>\n<li>\u00a0A person with regard to whom the relevant investigating authority has, on the basis of material in its possession, reason to believe that he had abetted or conspired for the commission of the offence, and has submitted or filed a report or a complaint to the relevant statutory authority or Court.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Subject to relevant provisions the corporate debtor shall, as required, extend all assistance and co-operation to any authority investigating an offence committed prior to the commencement of the corporate insolvency resolution process.<\/p>\n<hr \/>\n<p><strong>Cabinet<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 24-12-2019]<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Source: PIB]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Union Cabinet approved a proposal to promulgate an Ordinance to amend the Insolvency and Bankruptcy Code, 2016. The Amendment will remove <\/p>\n","protected":false},"author":8808,"featured_media":209514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29535,4],"tags":[30554,38990],"class_list":["post-223553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet_decisions","category-legislationupdates","tag-cabinet","tag-insolvency-and-bankruptcy-code-amendment-ordinance-2019"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 | 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\/12\/24\/cabinet-approves-promulgation-of-the-insolvency-and-bankruptcy-code-amendment-ordinance-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019\" \/>\n<meta property=\"og:description\" content=\"The Union Cabinet approved a proposal to promulgate an Ordinance to amend the Insolvency and Bankruptcy Code, 2016. 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