A parliamentary committee on Thursday flagged “ambiguities” in the Insolvency and Bankruptcy Code (IBC), with sources saying that the government appeared to be considering amendments in the law to address existing concerns.
Sources said the recent Supreme Court judgment quashing JSW Steel‘s resolution plan for Bhushan Power and Steel Ltd (BPSL) also came up in the deliberations of the Standing Committee on Finance headed by seasoned BJP MP Bhartruhari Mahtab, a order which has triggered a debate over the efficacy of the insolvency mechanism.
The apex court on Monday put a status quo on BPSL’s liquidation, which it had ordered in its last month verdict, on a plea by JSW Steel as the company argued that the liquidation would be detrimental…
