With President Ram Nath Kovind giving nod to the ordinance to amend the Insolvency and Bankruptcy code, India’s mighty law to deal with bank defaults, wilful defaulters, like Vijay Mallya, will be barred from bidding for stressed assets. “The Ordinance aims at putting in place safeguards to prevent unscrupulous, undesirable persons from misusing or vitiating the provisions of the Code,” the Finance Ministry said. The Ordinance amends sections 2, 5, 25, 30, 35 and 240 of the Code, and inserts new sections 29A and 235A in the Code.