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Bill to Amend Insolvency and Bankruptcy Code (IBC), 2016 Passed in Lok Sabha

Insolvency

New Delhi, July 31: A Bill to amend the Insolvency and Bankruptcy Code (IBC), 2016, allowing home buyers to be treated as financial creditors, was passed in the Lok Sabha on Tuesday amid allegations from opposition parties that some changes were intended to “help just one industry”. Finance Minister Piyush Goyal said the aim of the Insolvency and Bankruptcy Code (Second Amendment) Bill was to ensure that all cases are led to resolution instead of liquidation. He said the Insolvency Law Committee submitted its report on March 26 and every recommendation of the committee was accepted and brought into the amendment. (IANS)