ORDINANCE AMENDS INSOLVENCY & BANKRUPTCY CODE

Published On: 11/06/2018

Authors:

Harman Walia
The President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (the 'Ordinance') on 6 June 2018 to amend the Insolvency and Bankruptcy Code, 2016 (the 'Code'), which amongst other things, categorizes homebuyers as financial creditors, amends decision making thresholds and clarifies whether proceedings against guarantors fall within or outside of the moratorium during the corporate insolvency process.