rRz ro Sto QeTo_ (7)04/0007/2003 _18 — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

rRz} ro Sto QeTo_ (7)04/0007/2003 _18 REGISTERED NO. DL _(N)04/0007/2003-_18 HR TT 4EMT @he Gazette of Zndia 3THTMRU EXTRAORDNNARY H0T II _ *ug 1 PART II- Section 1 yifuqR 4 Yara PUBLISHED BY AUTHORITY to 27] No. 27] 7fava, gear, 6, 2018/546 16, 1940 P1T _ NEW DELHI; WEDNESDAY, JUNE 6, 2018/JYAISTHA 16, 1940 (SAKA) 57 HT # fT7 96 TCA & vi & fRTI f4 %3 3TrTT tona7 9 7y # 7ut * %o5 | Separate paging is given to this Part in order that it may be filed as a separate compilation: MINISTRY OFLAWAND JUSTICE (Legislative Department) New Delhi, the 6th June, 2018/Jyaistha 16, 1940 (Saka) THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2018 NO. 6 OF 2018 Promulgated by the President In the >ixty-ninth Year of the Republic of India. An Ordinance further to amend the Insolvency and Bankruptcy Code, 2016. WHEREAS the Insolvency and Bankruptcy Code, 2016 (the Code); inter alia, provides for insolvency resolution of corporate persons in a time bound manner for maximisation of value of assets of such persons; AND WHEREAS a need has been felt; inter alia, to balance the interests of various stakeholders in the Code, especially interests ofhome buyers and micro, small and medium enterprises, promoting resolution over liquidation of corporate debtor by lowering the voting threshold of committee of creditors and streamlining provisions relating to eligibility of resolution applicants; AND WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action; NOw, THEREFORE, in exercise of the powers conferred by clause (1) of article 123 of the Constitution; the President is pleased to promulgate the following Ordinance: THE GAZETTE OF INDIAEXTRAORDINARY [PART II Short title and commencement_ 1. (1)