WHY IN THE NEWS? On 28th July 2021, Lok Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill 2021. This Bill replaces the Insolvency and Bankruptcy Code (Amendment) Ordinance 2021 which was implemented on 4th April 2021. About: Insolvency is a situation where a company or an individual are unable to pay their debt. The government has notified that the threshold of a default that does not exceed Rs 1 crore for the initiation of a pre-packaged resolution process remains unchanged. On 4th April 2021, the government amended the Insolvency and Bankruptcy Code 2016 by putting forward an ordinance that....Read More
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