Public Announcement requesting suggestions for Reforms and Amendments to the Insolvency and Bankruptcy Code

Our undertakings for long-term impact are an organic extension of our purpose.

They are to employ our deep knowledge of the law beyond the business, the transaction, the deal. To use the opportunities and skills we possess, to reflect on the culture we’re creating. Individually and collectively, these are our efforts to help shape the thinking of our future generations, and arm them with strategies for true, sustainable growth.

Dec 01, 2017

Public Announcement requesting suggestions for Reforms and Amendments to the Insolvency and Bankruptcy Code

The Insolvency and Bankruptcy Code, 2016 (‘IBC’) was notified as applicable law in December, 2016. Over the last year, the institutional framework of the IBC has been operationalized and well over 475 companies are undergoing an insolvency resolution process under the IBC.

The Government of India has decided to undertake a comprehensive review of the IBC in light of the experiences of various stakeholders in the past year. The Ministry of Corporate Affairs (‘MCA’) last week made a public announcement requesting suggestions for reforms and amendments to the IBC from all interested parties. The comments are to be uploaded at – http://feedapp.mca.gov.in/ by January 10, 2018.

The MCA constituted an Insolvency Law Committee (‘ILC’) comprising of representatives from across the industry. Bahram N Vakil, a founding partner of AZB & Partners and a member of the Bankruptcy Law Reform Committee (the committee entrusted with drafting of the IBC in 2015) is one of the members of the ILC.

AZB & Partners (‘AZB’) will submit its recommendations to the MCA and participate in some of the deliberations. We would be grateful to receive any suggestions you may have for reforms and amendments to the IBC.

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