With over 300 cases being admitted under the newly installed Insolvency and Bankruptcy Code (IBC), the Insolvency and Bankruptcy Board of India (IBBI) has constituted a 14-member committee to review the suggestions received from various stakeholders for improvements in the prescribed processes.

The IBBI has an open option on its website which allows stakeholders to submit comments pertaining to various regulation which have been drafted under the IBC.

The Committee’s mandate also requires it to take stock of the functioning and implementation of the IBC, identify issues that may impact the efficiency of the corporate insolvency resolution and liquidation framework.

Based on its findings, the Committee may also make general as well as specific recommendations to address identified issues, enhance efficiency of the processes prescribed.

The Committee, which will be chaired by the Secretary of the Ministry of Corporate affairs, consists of members from various stakeholders including  from the legal community. Shardul Shroff from Shardul Amarchand Mangaldas & Co.,  Bahram Vakil from AZB & Partners and former Union Law Secretary T.K. Vishwanathan will also be a part of the 14-member Committee.

(Read the order)