- The insolvency Laws might be amended depending on recommendations of the panel reviewing issues related to the legislation, including those pertaining to home buyers, a senior government official said.
- While everything is time-bound under the Insolvency and Bankruptcy Code (IBC), Corporate Affairs Secretary Injeti Srinivas said the issue is how the interests of stakeholders are to be balanced.
- A large number of cases have been filed under the IBC, which provides for a market-determined and time-bound insolvency resolution process.
- “There are also apprehensions on whether this system (insolvency law) can be abused. Can somebody trigger this system for some sort of wrongful intent?” the secretary said.
- Wilful defaulters and those whose accounts have been classified as non-performing assets, among others, are barred from bidding for stressed assets under the IBC.
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