NEW DELHI: The Union Cabinet on Wednesday approved changes to the insolvency law, including provision to ring- fence successful resolution applicants from criminal proceedings with regard to offences committed by previous promoters of a company. The amendments to the Insolvency and Bankruptcy Code (IBC) are aimed at removing certain difficulties being faced during insolvency resolution process to realise the objects of the Code and to further ease doing of business, an official release said. The IBC (Second Amendment) Bill, 2019, seeks to change various sections as well as insert a new section in the law. Along with the amendments to the insolvency law, the cabinet also give clearance to many projects. Major Decisions of the Cabinet * Approved revision in funding pattern of Phase IV of Delhi Metro. * Approved pact between India & Japan for strengthening cooperation in steel sector. * Approved the proposal for increase in authorised capital and equity support to India Infrastructure Finance Company Limited (IIFCL). * Approves “Partial Credit Guarantee Scheme” for purchase of high-rated pooled assets from financially sound NBFCs/HFCs by PSBs. * Authorised NHAI to set up Infrastructure Investment Trust and monetize National Highway projects. * Approved Aircraft (Amendment) Bill to enhance safety… Read full this story
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