Parl panel seeks response on IBC amendments by June 16

THE PROPOSED AMENDMENTS to the Insolvency and Bankruptcy Code (IBC) could include a modification in the 14-day timeline for admission of applications and equitable treatment for operational creditors with financial creditors, official sources have indicated to FE.

- MANU KAUSHIK

THE PROPOSED AMENDMENTS to the Insolvency and Bankruptcy Code (IBC) could include a modification in the 14-day timeline for admission of applications and equitable treatment for operational creditors with financial creditors, official sources have indicated to FE. The standing committee of finance is also weighing an increase in the member strength of the tribunals—judicial and technical—and also the constitution of special IBC benches.

The Parliamentary panel has invited suggestions from stakeholders on possible amendments to the Code. The suggestions need to be sent in by June 16. The panel may also hold discussions with a few stakeholders before the IBC amendment Bill is tabled in the monsoon session of the parliament in July, the officials cited above said.