Govt Seeks Comments From Stakeholders on ‘Pre-Packaged’ Insolvency Resolution

The Ministry of Corporate Affairs (MCA) on Tuesday invited comments from stakeholders on “pre-packaged” insolvency resolution and insolvency resolution for group companies among other issues related to the Insolvency and Bankruptcy Code (IBC), 2016, and the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, the Indian Express reported. In March this year, the government had reconstituted the Insolvency Law Committee as a standing committee, chaired by MCA Secretary Injeti Srinivas, to analyse the functioning and implementation of IBC. The Centre also wants the committee to identify issues impacting the efficiency of insolvency resolution and liquidation framework for corporates, individuals and partnership firms prescribed under the IBC and make suitable recommendations to address such issues. Participants can submit their comments till May 7. Read more