The Lok Sabha on Monday passed the IBC amendment Bill, reworked with inclusion of all 11 suggestions given by the Select Committee, alongside additional transparency provisions highlighted during the debate by Finance Minister Nirmala Sitharaman.
Amendments in the Insolvency and Bankruptcy Code (IBC) aim to reduce delay, improve the value realisation and further raise governance, a senior government official said on Monday, reinforcing the transparency and creditor-accountability thrust built into the broader reform package. Meanwhile, legal experts are cautiously optimistic about the changes.
The Lok Sabha on Monday passed the IBC amendment Bill, reworked with inclusion of all 11 suggestions given by the Select Committee, alongside additional transparency provisions highlighted during the debate by Finance Minister Nirmala Sitharaman. The government also added one more amendment which requires the Committee of Creditors (CoC) to record the reasons for selection of the Successful Resolution Applicant. When asked about this, the official told businessline: “As on date recording the qualitative and quantitative reasons for the selection are part of rules and NCLT have been doing so. Now this has been brought in the statute to make it more effective and make the process more transparent.
