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A parliamentary panel, which is reviewing the working of the Insolvency and Bankruptcy Code (IBC), has asked Reserve Bank of India Governor Sanjay Malhotra to appear before it on July 10 and brief it on challenges facing the law enacted in 2016.
At its previous two meetings on the subject on May 28 and 29, the parliamentary standing committee on finance had flagged “ambiguities” in the IBC.
Sources said the 31-member committee’s recommendations on reviewing the IBC would be important as the government is looking at amending the IBC.
The Supreme Court judgement quashing JSW Steel’s resolution plan for Bhushan Power and Steel Ltd (BPSL) had also featured during the committee’s discussions at its previous two meetings on the subject.
The committee’s third meeting on the issue of IBC will take place on July 10.
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According to the Lok Sabha Secretariat, the parliamentary panel will listen to the “oral evidence” by the RBI Governor on the subject of “review of working of Insolvency and Bankruptcy Code (IBC) and emerging issues”.
Earlier in the day, on July 10, the representatives of the State Bank of India, Bank of Baroda, Indian Bank and Indian Overseas Bank will also appear before the committee on the subject of review of working of the IBC and emerging issues.
On May 29, officials of the Ministry of Corporate Affairs had briefed the 31-member committee, which Bharatiya Janata Party (BJP)’s Lok Sabha member Bhartruhari Mahtab heads.
The representatives of the Insolvency and Bankruptcy Board of India (IBBI), the Union Bank of India, Punjab National Bank and Canara Bank had also appeared before the committee.
The committee includes former Union ministers and Congress MPs P Chidambaram and Manish Tewari, Congress’ Gaurav Gogoi, Trinamool Congress’ Sougata Roy, Revolutionary Socialist Party’s NK Premachandran, former Union minister and BJP MP PP Chaudhary and Shiv Sena’s Milind Deora.
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