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In accordance with a communication, modifications have been proposed to allow a swift admission course of, streamline provisions pertaining to avoidable transactions and wrongful buying and selling and norms referring to time interval for approval of decision plans.
Apart from, amendments have been steered in reference to closure of the voluntary liquidation course of and the IBC Fund.
The Insolvency and Chapter Code (IBC) got here into drive in 2016 and has already undergone varied amendments.
The proposed amendments are for the Company Insolvency Decision and Liquidation Framework below the Code, which is being administered by the company affairs ministry.
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