The Bill was passed by voice vote in Rajya Sabha.

Parliament on Thursday passed amendments to the insolvency law that will help ring-fence successful bidders of insolvent companies from risk of criminal proceedings for offences committed by previous promoters.

The Insolvency and Bankruptcy Code (Amendment) Bill, 2020 was passed by voice vote in Rajya Sabha. It was approved by Lok Sabha on March 6.

The Bill replaces an ordinance.

Replying to a short debate on the Bill, Finance Minister Nirmala Sitharaman said amendments are sync with time and also adhere to a Supreme Court order in “letter and spirit.”

The Minister said need for amendment in the IBC arose because of “changing requirement” and “requirement of fine tuning” the law as several MPs wanted to know why the government was bringing in so many amendments to a new law.

Stressing that the government is “very responsive” and has been talking to the industry, she assured the House that amendments to the IBC are are not being “unthinkingly done.”

The IBC, which came into force in 2016, has already been amended thrice.

Ms. Sitharaman said the government was taking care of the interest of home buyers and the requirement of minimum number of home buyers in the IBC has been included to avoid “frivolous litigations.”

The Bill seeks to remove bottlenecks and streamline the corporate insolvency resolution process. It aims to provide protection to new owners of a loan defaulter company against prosecution for misdeeds of previous owners.

The latest changes pertain to various sections of the IBC as well as introduction of a new section.

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New Delhi: In its final judgement on the insolvency proceedings against Infrastructure Leasing & Financial Services (ILFS), the National Company Law Appellate Tribunal (NCLAT) approved the resolution framework proposed by the government, on Thursday.

Rejecting the opposition of the creditors, the two-judge bench headed by Justice SJ Mukhopadhaya said the money invested in IL&FS by the Life Insurance Corporation (LIC), State Bank of India (SBI), Central Bank of India and the ILFS ..

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Insolvency and Bankruptcy Board of India
Press Release
No. IBBI/PR/2020/03
th February 2020
Phase 3 of Valuation Examinations w.e.f. 1st June 2020
In pursuance of the rule 5 (3) of the Companies (Registered Valuers and Valuation) Rules,
2017, the IBBI, being the Authority, hereby publishes the syllabus and format of the ‘Valuation
Examinations’ to be conducted from 1st June 2020 for the asset classes as under:
a. Land and Building: Annexure I
b. Plant and Machinery: Annexure II
c. Securities or Financial Assets: Annexure III
2. The details of examination are available on IBBI website

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