NEW DELHI: The government will soon seek the law ministrys opinion on amendments to the Insolvency and Bankruptcy Code (IBC) suggested by a high-level committee and may move an ordinance to make urgent changes.
The 14-member insolvency law committee headed by corporate affairs secretary Injeti Srinivas made a presentation on its final recommendations to the Prime Ministers Office on Thursday.
The draft bill is likely to be shared with the law ministry soon and thereafter it will be sent for cabinet approval, a senior government official told ET. If there are any pressing issues that need to be addressed urgently, then the government will consider promulgating an ordinance.
The number of cases in insolvency courts is rising and some is…
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