New Delhi, April 1 -- Amendments to the Insolvency and Bankruptcy Code (IBC) expand the scrutiny over pre-bankruptcy transactions of distressed companies to cover a longer period, finance and corporate affairs minister Nirmala Sitharaman said on Wednesday in Rajya Sabha.

The upper house of parliament returned the amendment bill that was cleared by Lok Sabha on Monday.

Sitharaman explained that the 'lookback' period has been expanded to cover two years of pre-bankruptcy transactions leading up to bankruptcy petition being filed before the National Company Law Tribunal (NCLT), the first forum of debt resolution proceedings.

"This will reduce the incentives for promoters to delay admission of cases," Sitharaman said.

The NCLT, on petitio...