The Ministry of Corporate Affairs (MCA) has re-constituted the Insolvency Law Committee as Standing Committee for review of implementation of Insolvency & Bankruptcy Code, 2016.
The Committee will analyze the functioning & implementation of the Code identifying issues impacting the efficiency and effectiveness of the corporate insolvency resolution and liquidation framework prescribed under the Code and make suitable recommendations to address such issues.
In a statement, MCA said “The Committee shall submit its recommendation to Ministry from time to time as directed by Chairperson of the Committee.”
The Committee will also study the insolvency resolution and bankruptcy framework for individuals and partnership firms and make recommendations for its successful implementation.
Besides, the Committee may also make any other relevant recommendation as it may deem necessary.
The Chairperson of the Standing Committee may also invite or co-opt practitioners, experts (subject specific) who have knowledge or experience of insolvency framework, law and economics and representatives from other regulators or Ministries.
The Committee may also consult other stakeholders as part of its deliberations, it added.
Source: KNN India, March 14,2019