Insolvency law: Govt sets up panel to identify issues

With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14member panel to identify and suggest ways to address issues faced in implementation of the law. The Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would take stock of the implementation of the Code, according to an official communication. The move also comes against the backdrop of concerns in certain quarters about various aspects of the law, including the possibility of promoters wresting back control of a company under insolvency process.