Constitution of Insolvency Law Committee – No. 35/14/2017-Insolvency Section

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No. 35/14/2017-Insolvency 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.

6. The Committee shall submit its recommendations within two months from its first meeting.

7. This issues with the approval of competent authority.

   
(Ashish Kushwaha)
Director

To
All members
Copy to:-

  1. PS to CAM
  2. Sr. PPS to Secretary, MCA
  3. Governor, Reserve Bank of India
  4. Secretary, Department of Financial Services, Ministry of Finance,
  5. PS to AS
  6. PS to JS(B)

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