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of <h1>India Amends Insolvency Code: New Rules Exclude Willful Defaulters, Enhance Oversight, and Define Ineligible Applicants u/s 29A.</h1> The President of India has approved an Ordinance amending the Insolvency and Bankruptcy Code, 2016, to prevent misuse by unscrupulous individuals. The amendments aim to exclude willful defaulters and those linked to non-performing assets from the resolution process. It mandates the Committee of Creditors to assess the viability of resolution plans and empowers the Insolvency and Bankruptcy Board of India with additional oversight. New sections, such as 29A, define ineligible applicants, and penalties are introduced for contraventions. These changes are part of broader government reforms to strengthen the economy and promote a fair business environment.
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