The Lok Sabha passed a bill amending the bankruptcy law to mandate a minimum threshold for homebuyers to initiate insolvency and provide immunity to a corporate debtor from past liabilities once it’s acquired.
The amendment relating to cancellation of licence is extremely important as it protects telecom companies, mining companies and all companies which operate under licence, to continue their businesses and be an attractive target even where the promoters have failed. All in all this amendment fulfills the need of the times.Shardul Shroff, Managing Chairman, Shardul Amarchand Mangaldas & Co.
The bill will become a law after it’s cleared by Rajya Sabha and gets the president’s nod.
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