Lok Sabha passes IBC amendment bill

The Lok Sabha has passed the Insolvency and Bankruptcy (amendment) bill, which paves the way for a pre-packaged resolution process for the Micro, Medium and Small Enterprises sector.

Minister of State for Corporate Affairs Rao Inderjit Singh moved the bill for consideration and passage amid din in the lower house of Parliament, which was later passed without any discussion with opposition members continuing their protest over Pegasus snooping issue and the three new farm laws.

Singh said the Insolvency and Bankruptcy Code (Amendment) Bill, 2021, will replace the ordinance that was promulgated on April 4 as part of efforts to provide relief to MSMEs adversely impacted by the pandemic.


The bill proposes a new chapter in the IB Code to facilitate the pre-packaged insolvency resolution process for MSMEs.