New Delhi: The government is working on amending the insolvency law, including the provision related to bidders requiring CCI approval for resolution plans involving combinations before they approach the Committee of Creditors, according to a senior official.
The Insolvency and Bankruptcy Code (IBC) provides for a market-linked and time-bound resolution of stressed assets and under the framework, the Committee of Creditors (CoC) is a key element.
As part of further improving the insolvency ecosystem as well as reduce the resolution timelines, the Corporate Affairs Ministry has been working on amending the IBC.
The senior official on Tuesday said the ministry is working on amendments to the IBC and they are likely to be moved in the next…
