The Lok Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2019, as per media reports. The Rajya Sabha had already cleared the bill on 29 July 2019. The bill sets a 330-day deadline for rescuing companies in distress to fast track cleaning up of bad assets in India's banking system. The bill also restores higher rights that secured lenders have over operational creditors on the proceeds of sale or liquidation of the defaulting company. The bill now requires Presidential approval to become a law.