MCA considering an oversight body for lender committee functioning

The government is evaluating the need to have an oversight committee for  better implementation of the code of conduct for the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code (IBC). The move comes after a suggestion in this regard was made by the Supreme Court in its Jet Airways liquidation matter, a senior government official said.

 

“We are discussing whether an oversight committee is required. The discussions at this stage are being done internally at the Ministry of Corporate Affairs (MCA) level,” the senior official said. 

The top court had laid into the role of all stakeholders, including