{"id":223671,"date":"2019-12-30T11:40:50","date_gmt":"2019-12-30T06:10:50","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=223671"},"modified":"2020-01-22T13:34:00","modified_gmt":"2020-01-22T08:04:00","slug":"president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2019","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/30\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2019\/","title":{"rendered":"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019"},"content":{"rendered":"<p style=\"text-align: justify;\">President on 28-12-2019 promulgated the <span style=\"color: #0000ff;\"><strong>Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019<\/strong><\/span> to amend the Insolvency and Bankruptcy Code, 2016.<\/p>\n<p style=\"text-align: justify;\">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 Parliament is not in session, the president being satisfied with existing circumstances rendered it necessary for him to take immediate action.<\/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, a 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>Ministry of Law and Justice<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Notification dt. 28-12-2019]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President on 28-12-2019 promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 to amend the Insolvency and Bankruptcy Code, 2016. Insolvency and <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[39049,38990,13531,34316],"class_list":["post-223671","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes","tag-amndments","tag-insolvency-and-bankruptcy-code-amendment-ordinance-2019","tag-president","tag-promulgation"],"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>President promulgates 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\/30\/president-promulgates-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=\"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019\" \/>\n<meta property=\"og:description\" content=\"President on 28-12-2019 promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 to amend the Insolvency and Bankruptcy Code, 2016. Insolvency and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/30\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2019\/\" \/>\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=\"2019-12-30T06:10:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-22T08:04:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/Law-Ministry.jpg\" \/>\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\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written 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The Amendment will remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016 and ensure smooth implementation of the Code. Under the Amendments, the liability of a corporate debtor for an offence\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"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":230552,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/05\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2020\/","url_meta":{"origin":223671,"position":1},"title":"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020","author":"Bhumika Indulia","date":"June 5, 2020","format":false,"excerpt":"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 Insertion of new Section 10 A\u00a0after Section 10. Suspension of initiation of corporate insolvency resolution process. \"Notwithstanding anything\u00a0 contained in Sections 7, 9 and 10, no application for initiation of corporate insolvency process of a corporate debtor shall be filed, 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":"","width":0,"height":0},"classes":[]},{"id":226804,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/09\/insolvency-and-bankruptcy-code-amendment-bill-2020-passed-by-lok-sabha-protection-to-corporate-debtor-from-past-offences-as-well-as-ones-committed-during-insolvency-process\/","url_meta":{"origin":223671,"position":2},"title":"Insolvency and Bankruptcy Code (Amendment) Bill, 2020 passed by &#8212; Lok Sabha | Protection to Corporate Debtor from past offences as well as one&#8217;s committed during insolvency process","author":"Bhumika Indulia","date":"March 9, 2020","format":false,"excerpt":"Lok Sabha passes the Insolvency and Bankruptcy Code (Amendment) Bill, 2020 on 06-03-2020. 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":246487,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/05\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2021\/","url_meta":{"origin":223671,"position":3},"title":"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021","author":"Bhumika Indulia","date":"April 5, 2021","format":false,"excerpt":"On April 04, 2021, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 has been promulgated by the President in order to amend the Insolvency and Bankruptcy Code, 2016. Key amendments discussed below: Proviso has been inserted in Section 4 relating to Application of Part II: \u201cProvided further that the Central\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\/2021\/04\/MicrosoftTeams-image-50.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-50.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-50.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-50.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-50.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":236288,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/09\/25\/presidential-assent-insolvency-and-bankruptcy-code-second-amendment-act-2020-temporary-suspension-of-initiation-of-corporate-insolvency-resolution-process\/","url_meta":{"origin":223671,"position":4},"title":"Presidential Assent | Insolvency and Bankruptcy Code (Second Amendment) Act, 2020; Temporary Suspension of Initiation of Corporate Insolvency Resolution Process","author":"Bhumika Indulia","date":"September 25, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 received Presidential assent on 23-09-2020. Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 Key Features: Suspension of Initiation of Corporate Insolvency Resolution Process In light of the extraordinary situation caused by the COVID-19 pandemic, a need was felt to temporarily suspend\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":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":223671,"position":5},"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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/223671","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=223671"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/223671\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=223671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=223671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=223671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}