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President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021

President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021

  • President Ram Nath Kovind has promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 on 4th of this month. 
  • On 31st of March, the Union Cabinet had approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 through the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021. 
  • The amendments aim to provide an efficient alternative insolvency resolution framework for corporate persons classified as micro, small and medium enterprises (MSMEs) under the Code.