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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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President Approves Ordinance To Amend Bankruptcy Code

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.

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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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