Business & Economy

Suggestions invited from stakeholders on the Insolvency and Bankruptcy Code

NetIndian News Network

New Delhi, December 15, 2017

The newly set up Insolvency Law Committee has invited suggestions and comments from stakeholders about the provisions of the Insolvency and Bankruptcy Code and the Rules and Regulations.
An official press release said the comments and suggestions, along with brief justification, could be set through the online facility available on the Ministry of Corporate Affairs website up to January 10, 2018. The Ministry has requested that comments/suggestions be provided through this online facility only.
The Government had constituted the Insolvency Law Committee through an order dated November 16, 2017, to take stock of the functioning and implementation of the Insolvency and Bankruptcy Code.
It was tasked with identifying the issues that may impact the efficiency of the Corporate Insolvency Resolution and the Liquidation Framework prescribed under the Code.
The Committee was to make suitable recommendations to address such issues, enhance the efficiency of the processes prescribed and the effective implementation of the Code. The first meeting of the Committee under Chairmanship of the Secretary, Corporate Affairs, was held on December 8.