The Union Cabinet on Tuesday approved an ordinance to further amend the Insolvency and Bankruptcy Code (IBC).
The government had introduced a bill in the Lok Sabha on December 12 to amend the Code.
Union minister Prakash Javadekar said on Tuesday the Cabinet has cleared an ordinance to amend the Code.
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The bill, introduced in the Lok Sabha, seeks to remove bottlenecks and streamline the corporate insolvency resolution process, wherein successful bidders will be ring-fenced from any risk of criminal proceedings for offences committed by previous promoters of the companies concerned.
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