The amendments to Insolvency and Bankruptcy Code (IBC) 2016, allowing home buyers to be treated as financial creditors and seeking to set up a special dispensation for small sector enterprises, was passed by Parliament on Friday.
The bill, which was passed in Lok Sabha on 31 July, was approved in the Rajya Sabha today by voice vote. The legislation seeks to replace the 6 June ordinance that sought to put these amendments into force to aid quick resolution of several bankrupt firms.
Replying to the debate on the Insolvency and Bankruptcy Code (Second amendment) 2018 in the Upper House, finance minister Piyush Goyal said its objective was to provide resolution to small bankrupt firms and, at the same time, take stringent action against big bankrupt businesses.
