MCA Constitutes Insolvency Law Committee, Invites Suggestions from Stakeholders

The Insolvency Section, Ministry of Corporate Affairs, in a notice dated 12^th December 2017, has announced the constitution of the Insolvency Law Committee. The Committee shall be chaired by the Secretary, Ministry of Corporate Affairs, as per a notification dated 16^th November 2017.

The Committee has been constituted to take stock of the functioning and the implementation of the Insolvency and Bankruptcy Code. The Committee will also identify issues that may impact the efficiency of the corporate insolvency resolution and liquidation prescribed under the Code. The Insolvency Law Committee would also make suitable recommendations to address these issues and enhance the efficiency of the procedure prescribed by the Code, to ensure its effective implementation.

The Insolvency Law Committee's first meeting was held on 8^th December 2017. In this meeting, it was decided that suggestions/ comments would be invited from stakeholders, related to the provisions of the Code and rules and regulations notified thereunder.

These comments/ suggestions, along with brief justifications, can be made through the online facility made available on the Ministry of Corporate Affairs website. The comments/ suggestions must be made by 10^th January 2018.

The official notice can be accessed here.