IBC amendment: Language may hold the key to who can bid

The committee will give its views to the Ministry of Corporate Affairs on how homebuyers should be treated while bringing down the threshold for approval of a plan to two-thirds of the creditors

As the government gears up for major changes in the Insolvency and Bankruptcy Code (IBC), those close to drafting these revisions believe the focus is now on getting the language right for ‘’greater clarity’’ in the rulebook.
 
While the basic premise and spirit of the Code will remain the same, the commas and the full-stops in the draft report being prepared by a high-level committee will make interpretation of the law simpler, a source told Business Standard. It could take up to 10 days for this panel reviewing the IBC to finalise its recommendations, he said, adding that the