Government clears ordinance to amend the Insolvency and Bankruptcy Code

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The President on 23rd November 2017 gave his assent to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017. To make immediate amendments to the provisions of the existing Insolvency and Bankruptcy Code (the “Code”) the Ordinance aims to:

a) Prohibit certain persons from submitting a resolution plan who on account of their antecedents may adversely impact the credibility of the processes laid down under the Code;

b) Specify certain additional requirements for submission and consideration of the resolution plan before approval of the committee of the creditors formed under the Code.

To Read the key changes made to the Code Click here

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