Insolvency law panel likely to finalise report this month
23 March 2018 4:01 AM IST
New Delhi: A high-level panel looking into various aspects of the insolvency law is expected to finalise its report this month wherein recommendations for "targeted amendments" will be made to the government, a senior official said.
A rising number of cases involving stressed assets are being taken up for resolution under the Insolvency and Bankruptcy Code (IBC), which came into force in December 2016.
The 14-member panel has the mandate to identify and suggest ways to address issues faced in the implementation of this law.
The Insolvency Law Committee has circulated the draft of its report to the members and the final report is likely to be finalised this month, the official said on the condition of anonymity.
After considering the panel's recommendations, the Corporate Affairs Ministry will prepare the draft Bill for proposed amendments to the IBC.
This would be the second time that the IBC would be amended.
The basic structure of the IBC will not be disturbed and "targeted amendments" will be carried out. It would also address all "unintended consequences" with respect to implementation of this law, the official said.
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