IBC | Legislative Alert | Ordinance, 2018 to amend IBC approved by the President | Key changes
IBC | Legislative Alert | Ordinance, 2018 to amend IBC approved by the President | Key changes The President today (6 June 2018) gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (Ordinance). Following are the key points to be noted as per the press release issued by the Government (Ministry of Corporate Affairs): 1. Home buyers as financial creditors. The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors. This would give them due to representation in the Committee of Creditors and make them an integral part of the decision making the process. It will also enable home buyers to invoke Section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) against errant developers. 2. Boost to MSME Sector. The Ordinance empowers the Government to provide Micro, Small and Medium Sector Enterprises (MSME), with a special dispensation under the Code. The immediate benefit it provides is that it
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