Current Affairs - Miscellaneous - Discussion

The Union Cabinet approved 7 amendments to the Insolvency and Bankruptcy Code 2016 (IBC). It will help to speed up the bankruptcy resolution process and correct deviations that have crept into its functioning. It clarifies the uncertainty arisen after the ruling by the National Company Law Appellate Tribunal (NCLAT) in the Essar Steel resolution case. It must be completed within 330 days, including litigations and other judicial process. At present, the resolution plan for an insolvent company should be cleared within 270 days. Union Cabinet clarified the rights of financial as well as operational creditors who have not spoken in favour of a resolution.