Govt approves 7 amendments to insolvency law

The Bombay High Court had on February 14 refused to grant anticipatory bail to Navlakha and Teltumbde, saying "prima facie evidence shows complicity of both the accused in the case".

In a significant move, the government on Wednesday (July 17) cleared seven amendments to the insolvency law.

The amendments to the Insolvency and Bankruptcy Code (IBC) are aimed at filling critical gap in the corporate insolvency resolution framework while at the same maximising value from the resolution process.

The Cabinet has approved the changes to the Code. The amendments would “enable the government to ensure maximisation of value of a corporate debtor as a going concern while simultaneously adhering to strict timelines,” an official release said.

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