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President Approves Ordinance To Amend Bankruptcy Code

President Ram Nath Kovind had given clearance for the amendments, which follow cabinet approval on Wednesday, said the finance ministry.
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The amendment aims to prevent wilful defaulters from bidding for stressed assets.
The amendment aims to prevent wilful defaulters from bidding for stressed assets.
New Delhi: The government has amended the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets, the finance ministry said on Thursday.

The ministry said in a series of tweets that President Ram Nath Kovind had given clearance for the amendments, which follow cabinet approval on Wednesday.

Under the law, wilful defaulters are classified as firms or individuals who own large businesses and deliberately avoid repayments.

© Thomson Reuters 2017



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