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(Video) Rajya Sabha TV (RSTV) Laws in The Making: Insolvency and Bankruptcy Code - IBC (Amendment) Ordinance, 2019

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Topic: Insolvency and Bankruptcy Code - IBC (Amendment) Ordinance, 2019

Guest:

• Subhamoy Bhattacharya (Consult Editor, Business Standard)
• Sangram Patnaik (Corporate Lawyer)

Topic Description:

Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.The Code, enacted in 2016, provides a time bound process for resolving insolvency. The Ordinance sets a minimum threshold to apply for insolvency proceedings and provides immunity to the corporate debtor from prior offences. The Ordinance came into force on December 28, 2019 and a Bill replacing the Ordinance is set to be introduced in the Budget Session.

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Courtesy: RSTV