The Bill amends the Insolvency and Bankruptcy Code, 2016 to clarify that allottees under a real estate project should be treated as financial creditors.
The Bill allows the withdrawal of a resolution application submitted to the NCLT under the Code.
This decision can be taken with the approval of 90% of the committee of creditors.
The voting threshold for routine decisions taken by the committee of creditors has been reduced from 75% to 51%. For certain key decisions, this threshold has been reduced to 66%.