The Insolvency and Bankruptcy Code (Amendment) Bill, 2019
Where this law is right now
🏛️ Became law (Act)
Plain-language summary (AI-generated) — a quick read so you don't have to open the full PDF. May contain errors; the original document below is authoritative.
What does this law do?
This law amends the Insolvency and Bankruptcy Code, 2016 to clarify and streamline the corporate insolvency resolution process, ensuring faster resolution and fair treatment of creditors.
Who it affects
Corporate debtors, financial creditors, operational creditors, Adjudicating Authority, and the Insolvency and Bankruptcy Board of India.
Key provisions
- Clarifies that resolution plans can include corporate restructuring through merger, amalgamation, or demerger.
- Mandates completion of corporate insolvency resolution process within 330 days, including legal proceedings.
- Requires Adjudicating Authority to provide written reasons if default not ascertained within 14 days.
- Authorised representatives must cast votes for financial creditors based on majority vote.
- Ensures operational creditors receive at least liquidation value or higher amount from resolution plan.
- Resolution plans bind government entities for statutory dues.
- Committee of creditors can decide to liquidate at any time after constitution until resolution plan confirmation.
Points worth noting
- This is an amendment to the Insolvency and Bankruptcy Code, 2016.
- It creates new rules for resolution plans, voting procedures, and time limits.
- It clarifies that resolution plans must treat creditors fairly.
- It does not involve any expenditure from the Consolidated Fund of India.
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | XXVI |
| Status | closed (section: bill) |
| Year | 2019 |
| Closing date | — |
| Documents | 3 |
Highlights & Points worth asking
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Documents
The original government PDF is the authoritative source — shown below, or open it full-screen in a new tab.
Bill_passed_both
The-Insolvency-and-Bankruptcy-Code-Amendment-Bill-2019-bill_passed_both.pdf
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Bill_introduced
2019-07-24
The-Insolvency-and-Bankruptcy-Code-Amendment-Bill-2019-bill_introduced.pdf
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Bill_passed_rs
2019-07-29
The-Insolvency-and-Bankruptcy-Code-Amendment-Bill-2019-bill_passed_rs.pdf
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