Insolvency and Bankruptcy Board seeks comments on new code

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New Delhi, July 6 (IANS) In a further move to tackle the huge issue of banks’ bad loans in India, the Insolvency and Bankruptcy Board on Thursday invited public comments on the amended Insolvency and Bankruptcy Code that came into effect last year.

A Corporate Affairs Ministry release said the window for receiving comments will be open till December 31, 2017.

“The comments received between July 4 and December 31, 2017 shall be processed together and following the due process, regulations will be modified to the extent considered necessary.

“It will be the endeavour of the IBBI to notify modified regulations by March 31, 2018, and bring them into force on April 1, 2018,” it said.

The Reserve Bank of India had last month directed state-run banks to begin proceedings against the 12 largest loan defaulters.

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