The Lok Sabha passed The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018, seeking to replace the IBC Amendment Ordinance promulgated on 06.06.2018.

Highlights:

• Home buyers recognized as financial creditors.
• Reduction of minimum voting requirements from 75% to 66% for seeking extension of CIRP Period, appointment and replacement of Resolution Professional, approval of resolution plan and approval for liquidation.
• Approval of CCI required before the approval of the resolution plan by the Committee of Creditors (CoC) in combination cases.

For more: http://ibbi.gov.in/webadmin/pdf/whatsnew/2018/Jul/127_2018_LS_Eng_2018-07-24%2013:33:19.pdf