The significance of the Insolvency and Bankruptcy Code Amendment Ordinance 2021 was to amend the Insolvency and Bankruptcy Code 2016. This new amendment was created with the purpose of providing a quick and efficient insolvency resolution process for Micro, Small and Medium Enterprises (MSME). You can read about Insolvency And Bankruptcy Code (IBC) – IBC Amendment Bill 2021 [UPSC Notes GS III] in the given link.
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