Minister for Law and Justice Ravi Shankar
Prasad, briefing reporters after the Cabinet meet said, "I cannot disclose
anything because it's a new legislation except to reinforce that the Cabinet
has approved it"
NEW DELHI: The Cabinet today cleared amendments
to the Insolvency and Bankruptcy Code (IBC), incorporating changes
suggested by a government appointed panel.
Minister for Law and Justice Ravi Shankar Prasad, briefing reporters after the Cabinet meet said, "I cannot disclose anything because it's a new legislation except to reinforce that the Cabinet has approved it".
Asked if the Cabinet has cleared some relief measures for home buyers as per the recommendations of the panel, Prasad said, "there is something called constitutional protocol. An Ordinance till it is approved by the President, I cannot speak about the details".
A 14-member Insolvency Law Committee had made
suggestions to the Ministry of Corporate Affairs, including addressing
woes of home buyers and making recoveries easier for lenders.
The panel had suggested that home buyers should be treated as financial creditors, which will allow them to equitably participate in an insolvency resolution process.
The panel has also suggested relaxations for Micro, Small and Medium Enterprises(MSMEs) under the IBC.
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