Change in the provisions with respect to Insolvency and Bankruptcy process

IBC (Amendment) Ordinance, 2019 has been repealed in its place, IBC (Amendment), 2020 has come into effect, which involves following
1. Minimum threshold limits for certain classes of Financial creditors for initiating CIRP (Corporate Insolvency Resolution Process)
2. Provide immunity against the prosecution of the Corporate Debtor
3. Fill the critical gaps in the corporate insolvency framework
4. Prevent action against the property of such Corporate Debtor and the successful resolution applicant subject to fulfilment of certain conditions

Effective date: December 28, 2019

Source: The Insolvency and Bankruptcy Code (Amendment) Act, 2020