The fledgling insolvency regime in India is rapidly evolving every few months to keep it on its path to revolutionize the distressed assets market, through a combination of legislative amendments and judicial pronouncements. The recently approved amendment to the Insolvency and Bankruptcy Code, 2016, has introduced several changes to the Code to address the teething problems faced in insolvency resolution in the past few months. Please click here to read our article "Market for Stressed Assets: Truly 'Stressed' or Disguised 'Desserts' spelt backwards?" for a comprehensive analysis of one of the most controversial changes to the Code, namely the introduction of and amendments to the eligibility criteria for resolution applicants under Section 29A.
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