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National News

May 24, 2018
7:52AM

Cabinet approves Ordinance amending insolvency law

The Cabinet has approved promulgation of an ordinance to amend the Insolvency and Bankruptcy Code (IBC). The code proposes to classify home buyers as financial creditors at par with lenders to help them quickly get refunds from defaulting companies.

The present amendment is based on recommendations of a 14-member committee which suggested a slew of measures last month, including addressing woes of home buyers and making recoveries easier for lenders. Under the code, financial creditor implies any person to whom a financial debt is owed. The financial debt can include money borrowed for interest.

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