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IBC regime: NCLAT directs MCA, IBBI to amend statutory claims rule

The directive comes after observing gaps in the current IBC regime that deals with statutory claims

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The RP contended that provident funds are not the assets of the corporate debtor (Ambient), and therefore, no amount is required to be paid by the firm

Bhavini Mishra New Delhi
The National Company Law Appellate Tribunal (NCLAT) has directed the ministry of corporate affairs (MCA) and Insolvency and Bankruptcy Board of India (IBBI) to make changes to the insolvency laws on creditor claims.

The directive comes after observing certain gaps in the current Insolvency and Bank­ruptcy Code (IBC) regime that deals with statutory claims.

The tribunal is of the opinion that the government and the regulator will have to consider an amendment to the IBC in this regard. This may oblige the resolution professional (RP) to include the claims of the statutory authority in the resolution plan. This is even if it’s

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First Published: May 31 2022 | 6:10 AM IST

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