The Ministry of Corporate Affairs (MCA) has invited stakeholder comments on the proposed insolvency law reforms such as group insolvency, pre-packaged insolvency resolution and other issues related to the Insolvency and Bankruptcy Code, 2016 (IBC).
The suggestions and comments have to be sent online by May 7.
The move comes on the heels of the Centre reconstituting the Insolvency Law Committee on March 6. The reconstituted committee has been asked to analyse the functioning and implementation of the Code, and make recommendations to address the issues.
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The current legal framework does not facilitate insolvency resolution and liquidation of corporate debtors across a …
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