The IBBI has notified the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 which replaces the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, which among other things provided relief to home buyers and promoters of MSMEs. The new law allows promoters of MSMEs to bid for their companies during the insolvency process. Through the new law, the Government has revised various provisions.
