New Delhi: The Parliament on Thursday passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2019 that provides a 330-day timeline for insolvency resolution process and specifies minimum pay-outs to operational creditors in any resolution plan.
The Lok Sabha passed the bill on Thursday which was earlier passed by the Rajya Sabha. Replying to the debate on the bill, Finance Minister Nirmala Sitharaman said the bill takes care of interests of homebuyers.
She referred to the death of Cafe Coffee Day founder-owner V G Siddhartha in mysterious circumstances and said the role that the IBC code will play in terms of resolution will need combined efforts of all members.
"Business failure should not be looked down upon, should not be seen as a curse," she said.