press trust of india
New Delhi, Nov 21: With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law. The Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would take stock of the implementation of the Code, according to an official communication.
The move also comes against the backdrop of concerns in certain quarters about various aspects of the law including the possibility of promoters wresting back control of a company under insolvency process.
Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo, RBI Executive Director Sudarshan Sen, former Lok Sabha Speaker T K Viswanathan, Edelweiss Group Chairman and CEO Rashesh Shah, Shardul Amarchand Mangaldas and Co Executive Chairman Shardul Shroff and Xpro India Chairman Sidharth Birla are among the panel members.
Other members include AZB & Partners Partner Bahram Vakil, SBI Stressed Assets Resolution Group MD B Sriram, Additional Secretary (Banking) at the Department of Financial Services and a Joint Secretary from the corporate affairs ministry. Presidents of the institutes of chartered accountants, cost accountants and company secretaries are also part of the committee.
A recent order issued by the corporate affairs ministry said the panel would identify issues that might “impact the efficiency of the corporate insolvency resolution and liquidation framework” and recommendations to address them.
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