Bankruptcy Law Amendments: Key changes proposed to the IBC

The insolvency code has had a few hurdles especially in the Essar Steel case where financial creditors were told to take only as much money as operational creditors. Hence, the amendments were the need of the hour.

For starters, the amendments attempt to put a limit to the time taken.

The amendments have set 330 days as the maximum period allowed for bankruptcy resolution, including for litigation and other judicial steps.