Constitution of Insolvency Law Committee - 35/14/2017-lnsolvency Section - Insolvency and Bankruptcy

No. 35/14/2017-lnsolvency Section Government of India Ministry of Corporate Affairs 5th Floor, A wing Shastri Bhawan, New Delhi Dated: 16.11.2017 ORDER Subject: - Constitution of Insolvency Law Committee The provisions related to corporate insolvency resolution and liquidation of the Insolvency and Bankruptcy Code, 2016 (the Code) were commenced in the month of December, 2016. As on date, more than 300 cases have been admitted for resolution by the Adjudicating Authority i.e., National Company Law Tribunal. References/ suggestions from various stakeholders have also been received for further improvement in the processes prescribed in the Code. 2. With a view to examine the suggestions received and related matters, the Government hereby constitutes an Insolvency Law Committee consisting of the following members:- 1. Secretary, Ministry of Corporate Affairs Chairperson 2. Chairperson, IBBI Member 3. Additional Secretary (Banking), Department of Financial Services Member 4. Shri Sudarshan Sen, Executive Director, RBI Member 5. Sh. T.K. Viswanathan, Former Secretary General, Lok Sabha and Chairman, BLRC Member 6. Sh. Shardul Shroff, Executive Chairman, Shardul Amarchand Mangaldas Co. Member 7. Sh. Rashesh Shah, Chairman CEO, Edelweiss Group Member 8. Shri Sidharth Birla, past President FICCI and Chairman Xpro India Limited Member 9. Shri Bahram Vakil, Partner, AZB Partners Member 10. Sh. B Sriram, MD, Stressed Assets Resolution Group, State Bank of India Member 11. President, Institute of Chartered Accountants of India Member 12. President, Institute of Cost Accountants of India Member 13. President, Institute of Company Secretaries of India Member 14. Joint Secretary (Policy/ Insolvency), Ministry of Corporate Affairs Member Secretary 3. The Committee shall take stock of the functioning and implementation of the Code, identify the issues that may impact the efficiency of the corporate insolvency resolution and liquidation framework prescribed under the Code, and make suitable recommendations to address such issues, enhance efficiency of the processes prescribed and for effective implementation of the Code. The Committee may also make any other relevant recommendation as it may deem necessary. 4. The Committee may also invite or co-opt practitioners, experts or individuals who have knowledge or experience in insolvency, law or economics and representatives from other Regulators or Ministries. The Committee may also consult other stakeholders as part of its deliberations. 5. The non-official members of the Committee shall be eligible for travelling, conveyance and other allowances as per extant government instructions, wherever the sponsoring agency is unable to bear their expenditure. Secretarial support to the Committee will be arranged by Ministry of Corporate Affairs/ Insolvency and Bankruptcy Board of India. 1 [6. The Committee shall submit its recommendations within three months from its first meeting.] 7. This issues with the approval of competent authority. (Ashish Kushwaha) Director ******************** Notes:- 1. As Corrected Vide No. 30/14/2017 - Dated 06-02-2018, before it was read as, 6. The Committee shall submit its recommendations within two months from its first meeting.