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Analysis of Insolvency Code Amendments

The Insolvency and Bankruptcy Code (Amendment) Bill, 2017 replaced an ordinance that barred ousted promoters from regaining control of insolvent companies. The bill includes an analysis of Section 29A, which prohibits certain persons from submitting resolution plans if their past actions could negatively impact the integrity of the insolvency process. However, there were other amendments beyond Section 29A, including changes to Section 25 requiring resolution applicants to meet criteria set by the resolution professional and committee of creditors based on the debtor's operations.

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105 views1 page

Analysis of Insolvency Code Amendments

The Insolvency and Bankruptcy Code (Amendment) Bill, 2017 replaced an ordinance that barred ousted promoters from regaining control of insolvent companies. The bill includes an analysis of Section 29A, which prohibits certain persons from submitting resolution plans if their past actions could negatively impact the integrity of the insolvency process. However, there were other amendments beyond Section 29A, including changes to Section 25 requiring resolution applicants to meet criteria set by the resolution professional and committee of creditors based on the debtor's operations.

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dk0895
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

The Insolvency and Bankruptcy Code (Amendment) Bill, 2017 which replaced the much

debated Ordinance dated 23rd November, 2017 that barred ousted promoters of an insolvent
company from regaining control. The article includes a detailed analysis of Section 29A
which provides for prohibition of certain persons from submitting a resolution plan who, on
account of their antecedents, may adversely impact the credibility of the processes under the
Code. The analysis was done keeping in mind the landmark decisions by the NCLT relating
to the disqualification relating to certain class of groups or a company having adverse
antecedents. However, there are a number of other amendments apart from Section 29A that
were introduced by way of this Bill. One of these include amendment to Section 25 which
provides that the resolution applicant is required to fulfil such criteria as may be determined
by the resolution professional with the approval of the committee of creditors, depending
upon the complexity and scale of operations of the business of the corporate debtor or any
other conditions

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