The Ordinance dated 23 November 2017 (the Ordinance), amending the Insolvency and Bankruptcy Code, 2016 (Code) was brought and the Ordinance was sought to be replaced by the Insolvency and Bankruptcy Code (Amendment) Bill, 2017 which was passed by the Lok Sabha late last year, and thereafter by the Rajya Sabha on 2 January 2018. Following the presidential assent on 18 January 2018, the Insolvency and Bankruptcy Code (Amendment) Act, 2017, the Ordinance aims to put safeguards in place by prohibiting willful defaulters from regaining control of the defaulting company. It has now been notified in the official gazette and has come into force retrospectively from 23 November 2017, i.e. the date of the Ordinance.

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