The Cabinet approved on November 22 the promulgation of an Ordinance to amend the Insolvency and Bankruptcy Code (IBC). The amendment may streamline the selection of buyers and bar wilful defaulters from buying back their own stressed assets. Accordingly, a new section may be inserted to list persons who may be ineligible to be 'Resolution Applicants'. These would include wilful defaulters, un-discharged insolvents, disqualified directors, persons who have indulged in preferential transactions or under-valued transactions or fraudulent transactions as determined by the adjudicating authority, and persons who are promoters or in control of such persons whose account is classified as non-performing assets beyond a prescribed duration. The Ordinance would also prescribe basic eligibility criteria for resolution applications, depending on the size of the business. Additionally, it is understood to provide a robust due diligence framework to help the Committee of Creditors assess creditworthiness, credibility and other parameters. The Ordinance is expected to take effect from Thursday. "The amendments will be tabled in Parliament in the next session," Finance Minister Arun Jaitley told reporters.