Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 Quick review of Proposed Amendments
Megha Mittal
Amidst the lingering need to fill in certain critical gaps to ensure streamlining of corporate insolvency resolution process (“CIRP”), the Cabinet on 10.12.2019 approved the Insolvency and Bankruptcy (Second Amendment) Bill, 2019 (“Amendment Bill”)[1] further to amend the Insolvency and Bankruptcy Code, 2016 (“Code”), which is now pending approval by the Houses.
The objective of the amendment being to remove difficulties, while it is expected that the amendments will have a retrospective impact to the extent possible, the Amendment Bill hints that the different provisions of the Amendment Bill shall be effective from different dates; and where the effect is retrospective in nature, it shall be deemed to be effective from the date the particular section originally came into force.