The Narendra Modi government today moved to amend the Insolvency and Bankruptcy Code via the ordinance route.
The cabinet has approved an ordinance that incorporates changes to the bankruptcy law, Bloomberg reported citing a government official who asked not to be identified citing rules.
More details are expected to be detailed by the interim Finance Minister Piyush Goyal and Law Minister Ravi Shankar Prasad at a press conference at 3 p.m.
A 14-member Insolvency Law Committee had earlier made suggestions to the Ministry of Corporate Affairs including addressing the situation of home buyers, expanding the pool of potential bidders, making recoveries easier for lenders, and expediting the decision-making process by creditors.
Source: Bloomerang Quint, May 23, 2018