New Delhi: With a high-level panel suggesting a slew of changes to the insolvency law, Corporate Affairs Secretary Injeti Srinivas said on Wednesday that the amendments, as and when implemented, would be prospective in nature.
However, he indicated that revised bids which are submitted under the insolvency resolution process after the amendments are in force will have to follow the new requirements.
The 14-member panel, headed by Srinivas, has recommended various changes to the Insolvency and Bankruptcy Code (IBC).
Responding to a question on whether the amendments would come into force retrospectively, he said that typically the changes are “prospective”.
“If the format has changed, it is not the same bi…
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