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IBC changes to aid faster debt resolution

DNMUM439450 | 7/18/2019 | Author : Manju AB | WC :500

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Cabinet approves seven amendments to Insolvency and Bankruptcy Code, move to resolve cases like Essar Steel

The Union Cabinet has approved seven amendments to the Insolvency and Bankruptcy Code (IBC) 2016, which will help the bankers to solve faster the cases such as Essar Steel, which is languishing in the bankruptcy courts for over 700 days.
The amendments enhance the power of the Committee of Creditors (CoC), or the lenders, while resolving non-performing assets (NPAs) at the National Company Law Tribunal (NCLT). The amendments will effectively check the rulings of bankruptcy courts that undermine the power of the creditors, or bankers, and give a longer period of 330 days to resolve the debt.
Dissenting creditors and operational creditors have to accept the liquidation value or the sum offered in the resolution plan, whichever is
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