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Current Affairs

Cabinet approved Ordinance to Further Amend IBC

Current context: The Union Cabinet chaired by Prime Minister Narendra Modi has approved an ordinance to further amend the Insolvency and Bankruptcy Code (IBC) on 24th Dec 19.
Cabinet approved Ordinance to Further Amend IBC 
  • The ordinance has been approved to help remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016.
  • The amendment passed would ring-fence successful bidders from criminal proceedings against offences committed by previous promoters.
  • To ensure smooth implementation of the Code, the following changes have been made in the code:
    1. There would be no liability on a corporate debtor for an offence committed prior to commencement of the insolvency resolution process.
    2. The corporate debtor would not be prosecuted for any such offence from the date of resolution plan being approved by the adjudicating authority.
    3. The corporate debtor shall as required, extend all assistance and co-operation to any authority investigating an offence committed prior to the commencement of the corporate insolvency resolution process, Subject to relevant provisions.
  • The bill with a proposed amendment in IBC was introduced in the Lok Sabha earlier on 12th December but it was not passed by the Parliament as the winter session ended on 13th December.

Question: 

Q.1 The Union Cabinet has recently passed an ordinance to remove certain ambiguities in the Insolvency and Bankruptcy Code, ________?
a. 2015
b. 2016 
c. 2017
d. Both a and b
e. None
Cabinet approved Ordinance to Further Amend IBC Cabinet approved Ordinance to Further Amend IBC Reviewed by Neha Verma on December 25, 2019 Rating: 5

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