The tabling of the Bill to amend the Insolvency and Bankruptcy Code (IBC) in the upcoming monsoon session of Parliament now looks uncertain, given that “there has been no consultations with stakeholders till date on the draft Bill,” according to an official source. The ministry of corporate affairs has not yet prepared the final Bill, the source added.
Sources had earlier indicated that the Bill would be pushed for consideration and passage in the monsoon session.
The key aspect of the amendments includes changes in the crucial section 31(4) of the IBC that mandates the approval of the Competition Commission of India (CCI) before the committee of creditors approves a resolution plan involving “combinations”. This…