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President nods to the Insolvency and Bankruptcy Code (Amendment) Act, 2019

August 8, 2019
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The Insolvency and Bankruptcy Code (Amendment) Act, 2019 has received the assent of the President on August 05, 2019. The key amendments are:- a) Resolution Plan can provide for amalgamation, merger or demerger , b) NCLT to record reasons if default is not ascertained and (has not) passed an order under section 7(5) of Insolvency Code within 14 days , Mandatory completion of CIRP within 330 days including time spent in legal proceedings (like appeal, writ petition etc.)
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