Implementation of the Insolvency and Bankruptcy Code (IBC) is likely to become more seamless in the next one year, a top official said on Monday.
Issues like efficiency of insolvency resolution and the liquidation framework for corporates, individual and partnership firms are likely to a go through a relook, Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo said.
Sahoo said some of the changes in the code can be expected by April next year.
The corporate affairs ministry and the IBBI have invited comments from stakeholders for their views on a number of issues concerning the IBC.
The ministry has invited comments till May 7, 2019.
“It is like crowd sourcing of ideas. All comments… will be considered together. The regulations are expected by March end, so that the people know that a new law is coming by April,” Sahoo said on the sidelines of a Merchants’ Chamber of Commerce event.
Some of the main topics that will come up for discussion in the next one-two years are those relating to personal and corporate insolvency, group insolvency and cross-border insolvency.
Sahoo added that like any new law, the IBC, too, has challenges to overcome.
Source: Financial Express, April 23, 2019