MCA Issues Notice Inviting Suggestions on Changes Being Considered to the IBC, 2016

On 18th January 2023, the Ministry of Corporate Affairs (MCA) issued a notification inviting comments from the public on changes to be considered to the Insolvency and Bankruptcy Code, 2016.

These were the essential factors that were stated –

• The changes to be made upon consideration are to be in regard to the strengthening of the functioning of the IBC, and the changes to the Code are to be considered in relation to the admission of the Corporate Insolvency Resolution Process (CIRP) applications, which streamlines the insolvency resolution process, which recasts the liquidation process, along with the role of service providers under the Code.