President's assent to Ordinance to amend Insolvency and Bankruptcy Code
| Nov. 23, 2017, 3:05 p.m.
New Delhi, Nov 23: The President has given his assent to Ordinance to amend the Insolvency and Bankruptcy Code, 2016 (the Code).
Earlier the Cabinet had cleared the ordinance for making amendments in the Insolvency and Bankruptcy Code (IBC) to prevent willful defaulters from bidding for stressed assets. The President's assent may come by Wednesday night.
As per changes in the ordinance, a resolution applicant is not eligible if he or she is an un-discharged insolvent, willful defaulter, account classified as NPA by RBI, indulged in preferential transactions, disqualified to be a director of a company under the Companies Act, prima facie found guilty of willful default or convicted of fraud and default.