Lok Sabha on Thursday passed amendments to the Insolvency and Bankruptcy Code, with the government asserting that the spirit behind the law is not to allow companies to die. Rajya Sabha has already passed the bill and with its passage in the lower house, the Insolvency and Bankruptcy Code is set to be amended.
Responding to the debate on the bill, Finance and Corporate Affairs Minister Nirmala Sitharaman said the liquidation of a company is not the sole agenda of the Insolvency and Bankruptcy Code.
As many as seven sections of the Code are to be amended. Once the Corporate Insolvency Resolution Process (CIRP) begins, it has to be completed in 330 days, including litigation stages and judicial process, the minister said, citing proposed amendments.
Real estate players keen on east and northern parts of Hyderabad “Areas near Pocharam, Adibhatla and towards Medchal till a few years did not find many buyers. But now they are seeing a huge demand. The cityscape changes in about five years,” he said. Hyderabad: Real estate developers in the city will look to focus on the eastern and northern side of the city. This will aid in spreading the development to all parts of the city and also aid in the Government’s efforts to decongest the city, said CH Ramchandra Reddy, the newly elected Credai Telagana President.
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