Corporate Affairs Minister Nirmala Sitharaman on Monday introduced a bill in the Lok Sabha to replace an ordinance that amended the insolvency law.
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 was introduced amid Opposition ruckus over various issues.
Nirmala Sitharaman is in charge of both finance and corporate affairs ministries.
The ordinance to amend the Insolvency and Bankruptcy Code (IBC) was promulgated on April 4, whereby a pre-packaged resolution process for stressed micro, small and medium enterprises (MSMEs) was introduced under the Code.
Generally, under a pre-packaged process, main stakeholders such as creditors and shareholders come together to identify a prospective buyer and negotiate a resolution plan before approaching the National Company Law Tribunal (NCLT). All resolution plans under the IBC need to be approved by NCLT.
Six Months After Defeat In Odisha, BJD Questions Integrity Of Poll Process GST Council Exempts Gene Therapy, Cuts Tax Rate For Rice Kernels Winter Session Ends, Lok Sabha Sees 57% Productivity, Rajya Sabha At 40% Bengaluru Techie Loses Rs 11.8 Crore After "Digital Arrest" Kolkata Man Gets Divorce As "Imposition Of Wife's Friend" Is Deemed Cruelty Explained: Trump's Warning Over Panama Canal Amid Rising Chinese Influence ICAI Launches Family Business Programme, Introduces AI Platform 'CA-GPT' Six Months After Defeat In Odisha, BJD Questions Integrity Of Poll Process Mastermind Of Kidnapping Gang Targeting Celebs Arrested In UP Encounter Track Latest News Live on NDTV.com and get news updates from India and around the world.