Introduction

The Insolvency and Bankruptcy Board of India (hereinafter referred to as the “IBBI”) has constituted the Insolvency law Committee vide notification no. 35/14/2017 dated November 16, 2017 (hereinafter referred to as the “Committee”).

With more than 300 cases being admitted for resolution by the Adjudicating Authority i.e., the National Company Law Tribunal, the IBBI has constituted a Committee to review the suggestions received from various stakeholders for improvements in the processes prescribed in the Insolvency and Bankruptcy Code, 2016.

The Committee will be chaired by the Secretary of the Ministry of Corporate Affairs consisting of14 other members from various stakeholders including from the legal community.

Functions of the Committee

  • To take stock of the functioning and implementation of the Insolvency and Bankruptcy Code, 2016
  • 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
  • To make suitable recommendations to address such issues
  • To enhance efficiency of the processes prescribed and for effective implementation of the Insolvency and Bankruptcy Code, 2016
  • The Committee may also make any other relevant recommendation as it may deem necessary

Working of the Committee

  • 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 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.