The Insolvency and Bankruptcy Code (Amendment) Bill, 2021

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):

Bare Acts: Click here for Category wise Insolvency & Bankruptcy Code, 2016, Chapter wise Companies Act, 2013, Arbitration Act and other bare acts. Click here for Rules & Regulations. Click here for Notifications & Circulars.

Disclaimer: Please refer original contents.

 

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