Lok Sabha passes Insolvency and Bankruptcy Code (Second Amendment) Bill

The Insolvency and Bankruptcy Code is a unified bankruptcy law of India which consolidated the existing framework into a single law for insolvency and bankruptcy. It came into effect in 2016.

Recently, the Lok Sabha passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, which seeks to protect the successful bidders of insolvent companies from risks of criminal proceedings, for offences committed by previous promoters of the companies.