Centre Notifies Both IBC Amendment Act & Mineral Laws (Amendment) Act [Read Acts]
The Central government on Friday notified the Insolvency and Bankruptcy Code (Amendment) Act, 2020 and the Mineral Laws (Amendment) Act, 2020. Both the Bills were cleared by the Rajya Sabha on March 12, after being passed by the Lok Sabha on March 6. IBC Amendment Act The Bill to amend the IBC Code, 2016 was introduced by Finance Minister Nirmala Sitharaman on December 12 last...
The Central government on Friday notified the Insolvency and Bankruptcy Code (Amendment) Act, 2020 and the Mineral Laws (Amendment) Act, 2020.
Both the Bills were cleared by the Rajya Sabha on March 12, after being passed by the Lok Sabha on March 6.
IBC Amendment Act
The Bill to amend the IBC Code, 2016 was introduced by Finance Minister Nirmala Sitharaman on December 12 last year, to ease the insolvency resolution process.
The Amendment Act makes changes to the Code for the fourth time since its enactment to "fill the critical gaps in the corporate insolvency framework".
Some of the salient features of the Amendment Act include:
- Waiver of offences committed by a corporate debtor prior to the commencement of the CIRP
- Non-suspension of the debtor's licences, permits, etc. during the Moratorium period
- Minimum threshold to be observed by homebuyer creditors before initiation of an insolvency resolution process, etc.
The Act replaces the IBC (Amendment) Ordinance, 2019, which was promulgated last year, on December 28, 2019.
To read a more detailed piece on the amendments, Click Here
Mineral Laws Amendment Act
This Act amends the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act) and the Coal Mines (Special Provisions) Act, 2015 (CMSP Act).
It was introduced by Coal Minister Prahlad Joshi with an aim to allow personal consumption of coal and to open the sector for commercial mining.
Some of the salient features of the Amendment Act include:
- Removal of restriction on end-use of coal to enable personal consumption of coal, sale, etc.
- Dilution of eligibility for participating in auction of coal and lignite blocks
- Extension/Transfer of clearance & licenses of previous mine allottee to the new allottee for a period of 2 years
The Act replaces the Mineral Laws (Amendment) Ordinance, 2020, which was promulgated by the government on January 10, 2020.
To read a more detailed piece on the amendments, Click Here