Explanation:

Insolvency and Bankruptcy Code (Amendment) Bill 2020 has been passed by the Parliament with Rajya Sabha giving its nod. It was already passed by the Lok Sabha earlier. The Bill seeks to ring-fence new management from offences committed by the erstwhile management. The new Bill also seeks to create a threshold of a minimum of 10 per cent of allottees or 100 individual allottees to initiate insolvency proceedings for real estate projects. The amendment also seeks to protect the ‘going concern’ status of companies undergoing insolvency proceedings by allowing a company’s resolution professional to require that suppliers continue providing essential goods and services.