MCA Constitutes Committee for further improvement in Insolvency Code
Published: Nov 17, 2017
By TIOLCORPLAWS News Service
NEW DELHI, NOV 17, 2017: INSOLVENCY and Bankruptcy Code, 2016 (Code) commenced in the month of December, 2016. As on date, more than 300 cases have been admitted for resolution by the Adjudicating Authority, National Company Law Tribunal. Reference or suggestions from various stakeholders have also been received for further improvement in the processes prescribed in the Code. With a view to examine the suggestions received and related matters, the Government yesterday constituted an Insolvency Law Committee.
The Committee shall take stock of the functioning and implementation of the Code, identify the issues that may impact the efficiency of the corporate insolvency resolution and liquidation framework prescribed under the Code, and make suitable recommendations to address such issues, enhance efficiency of the processes prescribed and for effective implementation of the Code.
The Committee may also invite or co-opt practitioners, experts or individuals who have knowledge or experience in insolvency, law or economics and representatives from other Regulators or Ministries. The Committee may also consult other stakeholders as part of its deliberations. The Committee shall submit its recommendations within two months from its first meeting.