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

August 8, 2019
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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