IBC (Amendment) Ordinance 2019 Promulgated, gives immunity against prosecution of corporate debtor
The President of India has promulgated the Insolvency and Bankruptcy Code (amendment) ordinance, 2019 to amend the Insolvency and Bankruptcy Code.
As stated, the Ordinance was brought in view of the need to give the highest priority in repayment to last mile funding to corporate debtors to :
prevent insolvency resolution process or liquidation
provide immunity against prosecution of the corporate debtor
prevent action against the property of such corporate debtors and the successful resolution applicant subject to fulfilment of certain conditions and to fill critical gaps in the insolvency resolution framework.
The Ordinance amends the following sections of IBC 2016:
Section 5
Section 7
Section 11
Section 14
Section 16
Section 21
Section 23
Section 29A, 227, 239, 240
The Ordinance inserts a new section 32A related to liability for prior offences etc, to provide immunity from prosecution to corporate debtor in case of change in the management or control of the corporate debtor.
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