Parliament passes Insolvency & Bankruptcy Code Amendment Bill

NEW DELHI: Finance Minister Arun Jaitley today said the Government has entered into an unchartered territory as far as bankruptcy and insolvency Code is concerned and would continue to modify the law dealing with the issue.

“Insolvency and bankruptcy is an area in which it is only in the recent years that we have chartered into. It is a learning experience,” the Minister said while winding up a debate on the Insolvency and Bankruptcy Code Amendment Bill, which was later approved by the Rajya Sabha through a voice vote.

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 Bill was passed by the Lok Sabha last week.

The Government, Jaitley said, has been encountering situations which were not anticipated earlier and assured the House that it would continue to take corrective action.

The bill seeks to replace an ordinance which was promulgated in November to prevent unscrupulous persons from misusing or vitiating the provisions of the Insolvency and Bankruptcy Code (IBC). (AGENCIES)