Discussion :: Bills and Acts
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Name the bill that was passed in the Parliament that seeks to clarify that allottees under a real estate project should be treated as financial creditors.
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A.
Recovery of Non-Performing Assets Bill, 2017
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B.
Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018
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C.
Insolvency and Bankruptcy Code (First Amendment) Bill, 2017
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D.
Recovery of Non-Performing Assets (Amendment) Bill, 2018
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Answer : Option B
Explanation :
Parliament has passed the Insolvency and Bankruptcy Code (Second Amendment) Bill,2018 with the Rajya Sabha's approval. The Bill seeks to clarify that allottees under a real estate project should be treated as financial creditors. Home buyers will get due representation in the Committee of Creditors and make them an important part of decision making process. Setting up of a special dispensation for small sector enterprises has also been made.
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