The Insolvency and Bankruptcy Board of India has constituted the Insolvency law Committee for the proper implementation of the act. The Committee will be chaired by the Secretary of the Ministry of Corporate Affairs and consists of 14 other members from various stakeholder groups including some from the legal fraternity. The Committee is constituted to review the suggestions received from various stakeholders for improvements in the processes prescribed in the Insolvency and Bankruptcy Code, 2016. The Committee may also invite practitioners, experts or individuals possessing knowledge or experience in insolvency laws and representatives from other regulators or Ministries in order to help it in achieving the desired results. The Committee may also consult other stakeholders as part of its deliberations.
Committee’s main function is to take note of the functioning and implementation of the
Insolvency and Bankruptcy Code, 2016 and to identify the issues that may impact the efficiency of the corporate insolvency resolution and liquidation framework prescribed under the Insolvency and Bankruptcy Code, 2016. The committee will also make suitable recommendations to address such issues and measures to enhance efficiency of the processes prescribed under the act. The Committee may also make any other relevant recommendation as it may deem necessary. The comments/ suggestions must be made by 10th January 2018. The Committee shall submit its recommendations within two months from its first meeting.
Courtesy/By: Meenakshi Agarwal
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25 Dec 2017
