Cabinet approves promulgation of IBC (Amendment) ordinance 2019

Last Updated: Dec 24 2019 | 9:36 PM IST

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New Delhi, Dec 24 (ANI): The Union Cabinet approved a proposal to promulgate an ordinance to amend the Insolvency and Bankruptcy Code (IBC) 2016 on December 24. While addressing a press conference in the national capital, the Union Information and Broadcasting Minister Prakash Javadekar said, "Modi government started Insolvency and Bankruptcy Code (IBC) to resolve the commercial disputes in an easy way and to ensure the early recovery of bank loans and government dues." "Foreign Direct Investment (FDI) will be encouraged to come and participate and our country's own investors will be benefitted with this." he added. "After that it will go to President for his approval and laterwards this ordinance will come into force," I-B minister further stated. The amendments will remove certain ambiguities in the IBC 2016 and ensure smooth implementation of the code, an official statement said. The move is aimed at easing the insolvency resolution process and promoting the ease of doing business.