Insolvency law: Govt sets up 14-member panel to identify issues
21 Nov 2017 10:55 PM IST
New Delhi: With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law. The Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would take stock of the implementation of the Code, according to an official communication.
The move also comes against the backdrop of concerns in certain quarters about various aspects of the law including the possibility of promoters wresting back control of a company under insolvency process.
Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo, RBI Executive Director Sudarshan Sen, former Lok Sabha Speaker T K Viswanathan, Edelweiss Group Chairman and CEO Rashesh Shah, Shardul Amarchand Mangaldas & Co Executive Chairman Shardul Shroff and Xpro India Chairman Sidharth Birla are among the panel members.
Other members include AZB & Partners Partner Bahram Vakil, SBI Stressed Assets Resolution Group MD B Sriram, and Additional Secretary (Banking).
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