Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 was promulgated on December 28, 2019, which amended the Insolvency and Bankruptcy Code (IBC), 2016.

  • The Amendment Act has brought amendment, omission or addition in Sections 5(12), 5(15), 7, 11, 14, 16(1), 21(2), 23(1), 29A, 227, 239, 240. It also inserted a new Section 32A in the Code.

Objectives

  • To provide last mile funding to corporate debtor to prevent insolvency in case company goes into Corporate Insolvency Resolution Process (CIRP) or liquidation.
  • To provide immunity against prosecuting corporate debtor.
  • To prevent action against the property of corporate debtor or the successful resolution application subject to ....
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