Insolvency and Bankruptcy Code (Amendment) Bill to be taken up for consideration and passing in Lok Sabha

New Delhi: The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 is likely to be taken up for consideration and passing in Lok Sabha yesterday. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, was promulgated by President Ram Nath Kovind on 4th of April to offer an alternate bankruptcy resolution scheme for small businesses. The Code provides a time-bound process for resolving the



insolvency of corporate debtors called the corporate insolvency resolution process.

 

Rajya Sabha is likely to take up The Juvenile Justice (Care and Protection of Children) Amendment Bill, 2021 for consideration and passing. The Bill provides that instead of a civil court, the district magistrate will issue adoption orders of a child.