 Liquidation of the company is not the sole agenda of the bankruptcy and insolvency code amendment bill that was passed by the parliament on August 1st. Hi guys, this is Asha Singhal and here are 4 things you need to know about IBC bill. Laying greater emphasis on time bound disposal at the application stage itself, the code urges NCLT to determine the existence of default within 14 days of receiving a resolution application. The IBC bill defines resolution plan of corporate debtor as a going concern, which may include the provisions for corporate restructuring, including by the way of merger, amalgamation and demersure. As per the IBC amendment bill, the resolution process must be completed within 330 days including time for any extension granted and for legal proceedings. The time limit was 270 days earlier. The amendment bill is likely to protect the secured creditors over operational creditors in the matter of distribution of assets of the corporate debtor. Have a great day ahead.