Site Loader
VirtualClasses

UNION CABINET APPROVED AMENDMENTS UNDER IBC

The Union Cabinet approved various amendments under the Insolvency Bankruptcy Code, 2016 to fill critical gaps in the corporate insolvency resolution framework as enshrined in the Code, while simultaneously maximizing value from the Corporate Insolvency Resolution Process (CIRP) and to ensure maximization of value of a corporate debtor as a going concern while simultaneously adhering to strict timelines.

The article touches upon each of the amendment approved by the Cabinet along with an infographic which contains the major areas under IBC where amendments are approved which can be referred for easy recollection of the amendments approved by the Cabinet.

THE NEWLY INSERTED SEC. 148 OF THE NI ACT SHALL APPLY RETROSPECTIVELY, RULES SUPREME COURT

In a recent ruling in the case of Surinder Singh Deswal @ Col. S.S.Deswal and others vs. Virender Gandhi, the Supreme Court of India ruled that the amendment to the NI Act by inserting two new sections 143A and 148, is entirely procedural in nature hence no substantive right of appeal of the appellant has been taken away and/or affected.

Applying purposive interpretation, the SC ruled that Section 148 of the NI Act, 1881 shall apply retrospectively for criminal proceedings initiated before 01.09.2019 or thereafter.

Virtual Classes for CS Students

Subscribe to our website to receive email notifications as and when we come up with interesting articles.

You have successfully subscribed to updates from VirtuaLaw

There was an error while trying to send your request. Please try again.

will use the information you provide on this form to be in touch with you and to provide updates and marketing.