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RBI Governor slated to brief parliamentary finance panel's review of IBC
At its previous two meetings on the subject, held on 28 and 29 May, committee members had flagged 'ambiguities' in the IBC. The Supreme Court judgment quashing JSW Steel's resolution plan for Bhushan Power and Steel Ltd (BPSL) had also featured in the committee's discussions.
The committee's third meeting on the IBC will take place on 10 July. According to the Lok Sabha Secretariat, the committee will listen to the 'oral evidence' of the RBI Governor on the subject of 'review of working of the Insolvency and Bankruptcy Code (IBC) and emerging issues'.
Earlier on the same day, representatives of the State Bank of India, Bank of Baroda, Indian Bank, and Indian Overseas Bank will also appear before the committee to provide their views on the IBC and associated issues.
On 29 May, officials of the Ministry of Corporate Affairs had briefed the 31-member committee, which is headed by Bharatiya Janata Party (BJP) Lok Sabha member Bhartruhari Mahtab. Representatives of the Insolvency and Bankruptcy Board of India (IBBI), Union Bank of India, Punjab National Bank, and Canara Bank had also appeared before the committee.
Sources said the committee's recommendations on reviewing the IBC would be important, as the government is looking to amend the Code, which was enacted in 2016.
Apart from Mahtab, the 31-member committee includes former Union ministers and Congress MPs P Chidambaram and Manish Tewari, Congress' Gaurav Gogoi, Trinamool Congress' Sougata Roy, Revolutionary Socialist Party's N K Premachandran, former Union minister and BJP MP P P Chaudhary, and Shiv Sena's Milind Deora.
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