{"id":246487,"date":"2021-04-05T10:43:52","date_gmt":"2021-04-05T05:13:52","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=246487"},"modified":"2021-04-05T18:23:03","modified_gmt":"2021-04-05T12:53:03","slug":"president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/05\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2021\/","title":{"rendered":"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">On April 04, 2021, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 has been promulgated by the President in order t<span dir=\"ltr\">o amend the Insolvency and <\/span><span dir=\"ltr\">Bankruptcy Code, 2016<\/span>.<\/p>\n<p style=\"text-align: justify;\">Key amendments discussed below:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Proviso has been inserted in Section 4 relating to Application of Part II:<\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"color: #000080;\"><span dir=\"ltr\"> \u201cProvided further that the Central Government <\/span><span dir=\"ltr\">may, by notification, specify such minimum amount <\/span><span dir=\"ltr\">of default of higher value, which shall not be more <\/span><span dir=\"ltr\">than one crore rupees, for matters relating to the pre-<\/span><span dir=\"ltr\">packaged insolvency resolution process of corporate <\/span><\/span><span dir=\"ltr\"><span style=\"color: #000080;\">debtors under Chapter III-A.\u201d<\/span> <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span dir=\"ltr\">Insertion of new section 11A relating to Disposal of <\/span><span dir=\"ltr\">applications <\/span><span dir=\"ltr\">under section <\/span><span dir=\"ltr\">54C and under <\/span><span dir=\"ltr\">section 7 or <\/span><span dir=\"ltr\">section 9 or <\/span><span dir=\"ltr\">section 10.<\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"color: #000080;\"><span dir=\"ltr\">(1) Where an application filed under section <\/span><span dir=\"ltr\">54C is pending, the Adjudicating Authority shall pass <\/span><span dir=\"ltr\">an order to admit or reject such application, before <\/span><span dir=\"ltr\">considering any application filed under section 7 or <\/span><span dir=\"ltr\">section 9 or section 10 during the pendency of such <\/span><span dir=\"ltr\">application under section 54C, in respect of the same <\/span><span dir=\"ltr\">corporate debtor. <\/span><span dir=\"ltr\">Disposal of <\/span><span dir=\"ltr\">applications <\/span><span dir=\"ltr\">under section <\/span><span dir=\"ltr\">54C and under <\/span><span dir=\"ltr\">section 7 or <\/span><span dir=\"ltr\">section 9 or <\/span><span dir=\"ltr\">section 10. <\/span><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"color: #000080;\"><span dir=\"ltr\">(2) Where an application under section 54C is <\/span><span dir=\"ltr\">filed within fourteen days of filing of any application <\/span><span dir=\"ltr\">under section 7 or section 9 or section 10, which is <\/span><span dir=\"ltr\">pending, in respect of the same corporate debtor,then, <\/span><span dir=\"ltr\">notwithstanding anything contained in sections 7, 9 <\/span><span dir=\"ltr\">and 10, the Adjudicating Authority shall first dispose <\/span><span dir=\"ltr\">of the application under section 54C. <\/span><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"color: #000080;\"><span dir=\"ltr\">(3) Where an application under section 54C is <\/span><span dir=\"ltr\">filed after fourteen days of the filing of any <\/span><span dir=\"ltr\">application under section 7 <\/span><span dir=\"ltr\">or section 9 or section <\/span><span dir=\"ltr\">10, in respect of the same corporate debtor, the <\/span><span dir=\"ltr\">Adjudicating Authority shall first dispose of the <\/span><span dir=\"ltr\">application under sections 7, 9 or 10. <\/span><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"color: #000080;\"><span dir=\"ltr\">(4) The provisions of this section shall not apply <\/span><span dir=\"ltr\">where an application under section 7 or section 9 or <\/span><span dir=\"ltr\">section 10 is filed and pending as on the date of the <\/span><span dir=\"ltr\">commencement of the Insolvency and Bankruptcy Code <\/span><span dir=\"ltr\">(Amendment) Ordinance, 2021.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><span dir=\"ltr\">Insertion of new <\/span><span dir=\"ltr\">Chapter III-A<\/span> on Pre-Packaged Insolvency Resolution Process.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On April 04, 2021, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 has been promulgated by the President in order to amend <\/p>\n","protected":false},"author":8808,"featured_media":246522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-246487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"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>President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 | 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\/2021\/04\/05\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2021\/\" \/>\n<meta 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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":230552,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/05\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2020\/","url_meta":{"origin":246487,"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":223553,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/24\/cabinet-approves-promulgation-of-the-insolvency-and-bankruptcy-code-amendment-ordinance-2019\/","url_meta":{"origin":246487,"position":2},"title":"Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019","author":"Bhumika Indulia","date":"December 24, 2019","format":false,"excerpt":"The Union Cabinet approved a proposal to promulgate an Ordinance to amend the Insolvency and Bankruptcy Code, 2016. 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":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":246487,"position":3},"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":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":246487,"position":4},"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":231149,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/20\/ibc-ordinance-2020-calibrated-approach-contradiction\/","url_meta":{"origin":246487,"position":5},"title":"IBC Ordinance 2020: Calibrated Approach &#038; Contradiction","author":"Bhumika Indulia","date":"June 20, 2020","format":false,"excerpt":"by P. 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