Insolvency and Bankruptcy Code (Amendment) Act, 2019 notified
Insolvency and Bankruptcy Code (Amendment) Act, 2019 has been notified on 16th August 2019. The amendment brings corporate restructuring in the ambit of Resolution Plan. It also provides a time limit of 330 days for completion of the process.
Amendments in Motor Vehicles Act notified on 9th August
The Ministry of Law and Justice on August 09, 2019, has published the Motor Vehicles (Amendment) Act, 2019, to further amend the Motor Vehicles Act, 1988.
Amendment has been brought in licencing process, registration and Fitness test. The Act will finally recognise app based cab aggregators like Ola and Uber and define them as a digital intermediary Amendment has also been made in relation to Recall of vehicles procedure.
IBBI (Insolvency Resolution Process for Corporate Persons) (2nd Amendment) Regulations, 2019 issued on 25th July, 2019
Insolvency and Bankruptcy Board of India has notified IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019 on 25th July, 2019. The amendment alters the procedure for application for proving the claims by stakeholders in corporate insolvency resolution process for corporate persons. The amendment also redefines the role of insolvency professionals, committee of creditors and applicant in preparing the resolution plan.
