The 14-member Insolvency Law Reforms Committee, which was established in December, 2017 has come out with a 106-page report recommending amendments to the Insolvency and Bankruptcy Code, 2016 (IBC).
The Committee was chaired by Ministry of Corporate Affairs (MCA) Chairman, Injeti Srinivas with members from the legal fraternity as well, including Shardul Shroff of Shardul Amarchand Mangaldas and Bahram Vakil of AZB & Partners.
Some of the recommendations made in the Report are as follows:
1. Home buyers should be treated as financial creditors owing to the unique nature of financing in real estate projects and the treatment of home buyers by the Supreme Court in ongoing cases.
2. Further legitimising the circular issued by the MC…
Read the full article at: https://barandbench.com/ibc-committee-report/