Section 3 - Amendment of section 7. - Insolvency and Bankruptcy Code (Amendment) Act, 2019

Amendment of section 7. 3. In section 7 of the principal Act, in sub-section (4), the following proviso shall be inserted, namely:- Provided that if the Adjudicating Authority has not ascertained the existence of default and passed an order under sub-section (5) within such time, it shall record its reasons in writing for the same. .