Open to amending IBC again: Govt

By: | Published: August 4, 2018 3:35 AM

The government is “more than willing” to take any good suggestions, examine it and make further changes to the Insolvency and Bankruptcy Code, if required, Injeti Srinivas, secretary at the Ministry of Corporate Affairs, said.

The code has already been amended twice.

The government is “more than willing” to take any good suggestions, examine it and make further changes to the Insolvency and Bankruptcy Code, if required, Injeti Srinivas, secretary at the Ministry of Corporate Affairs, said. The code has already been amended twice. On Tuesday, the Lok Sabha cleared the amendments to the Insolvency and Bankruptcy Code (IBC). The amendments were brought to provide relief to homebuyers who, as financial creditors, will be able to decide the future of defaulting builders alongside their lenders. The IBC amendment also makes it easier for banks to agree on salvaging a failed firm from being wound up by lowering votes needed for taking critical decisions to 66% from 75%. In January, the IBC was amended to prevent dishonest persons from misusing the law.

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