Recently the amendments to the Insolvency Law was passed by the parliament, this amendment aims to protect successful bidders for insolvent companies from criminal proceedings against offence committed by previous promoters, this is the third time that the insolvency and bankruptcy code has been amended. This news is related to the topic government policies of GS 2 and Indian Economy of GS 3. Details about the code can be important for prelims, whereas need, significance and issues with it can be important for mains.
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