The Insolvency and Bankruptcy Code (Amendment) Bill, 2021
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, that seeks to replace the Ordinance, inter alia, provides for—
(a) specifying a minimum threshold of not more than one crore rupees for initiating pre-packaged insolvency resolution process;
(b) disposal of simultaneous applications for initiation of corporate insolvency resolution process and pre-packaged insolvency resolution process, pending against
the same corporate debtor;
(c) inserting a new Chapter III-A containing sections 54A to 54P to facilitate pre-packaged insolvency resolution process for corporate persons that are Micro, Small and Medium Enterprises;
(d) penalty for fraudulent or malicious initiation of pre-packaged insolvency resolution process or with intent to defraud persons;
(e) penalty for fraudulent management of corporate debtor during pre-packaged insolvency resolution process;
(f) punishment for offences related to pre-packaged insolvency resolution process; and
(g) certain amendments to the relevant provisions, which are consequential in nature.
Click here for the Insolvency & Bankruptcy Code (Amendment) Ordinance, 2021
Click here to IBC Bare act, amended upto date
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021(PDF):
Access complete Bare Act here. To research Section and sub-section wise judgments, visit here.
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