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Government to amend IBC, raise resolution time frame limit to 330 days
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SME Times News Bureau | 17 Jul, 2019
The government on Wednesday cleared the introduction of seven amendments
to the Insolvency and Bankruptcy Code (IBC) in the Parliament,
including raising maximum resolution time frame limit to 330 days from
the current 270 days.
Accordingly, the government is now expected to introduce the IBC (Amendment) Bill, 2019.
"The
amendments aim to fill critical gaps in the corporate insolvency
resolution framework as enshrined in the Code, while simultaneously
maximising value from the Corporate Insolvency Resolution Process
(CIRP)," an official statement said.
"This will enable the
government to ensure maximisation of value of a corporate debtor as a
going concern while simultaneously adhering to strict timelines," it
added.
As per the statement, other amendments include "inclusion
of commercial consideration in the manner of distribution proposed in
the resolution plan within the powers of the Committee of Creditors".
The
changes in the IBC process would also entail bringing more clarity over
implementation of restructuring schemes such as mergers, de-mergers,
amalgamations etc. as part of the resolution plan. Also, a time frame
may be given for acceptance or rejection of an application for
initiating insolvency process against an entity.
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