Insolvency and Bankruptcy Code: Ordinance will keep out wilful defaulters but there is collateral damage too
The amendments aim to keep out wilful defaulters, those associated with non performing assets (NPAs) or habitual non compliers. However, others feel the amendments will disrupt nearly all pending insolvency proceedings
A presidential ordinance tweaking the Insolvency and Bankruptcy Code to bar promoters of defaulting companies from regaining control of their assets those being sold under the bankruptcy process
