Cabinet approves eight amendments to IBC for easier resolution3 min read . Updated: 17 Jul 2019, 11:40 PM IST
- The amendments will also aid decision-making in the case of bankrupt entities such as property developers
- The amendments aim to fill the critical gaps in the country’s corporate rescue framework, says the government
New Delhi: The Union cabinet on Wednesday cleared major changes to the bankruptcy law that will enforce a strict 330-day timeline for the insolvency resolution process, including any legal challenges, and uphold secured creditors’ priority right on the sale or liquidation proceeds of bankrupt companies.
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