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FM introduces bill in Lok Sabha to amend insolvency law

Thursday, December 12, 2019, 2:55 PM

Finance minister Nirmala Sitharaman introduced amendments to the insolvency and bankruptcy code in Parliament Thursday, which will protect successful resolution applicants from criminal proceedings against offence committed by previous promoters, giving comfort to buyers of stressed assets. The bill provides that no agency can attach assets of an insolvent debtor undergoing bankruptcy resolution for a prior offence.