IBC tweaking: List of offences likely to bar offenders from bidding

The panel also suggested bringing the definition of "persons acting in concert" in sync with the Sebi

A 14-member committee on reviewing the insolvency and bankruptcy code has recommended that a list of offences be prepared and those who fall in the list be barred from sending resolution plans, say sources.
 
This would provide clarity to those willing to bid for insolvent companies since the existing Code debars offenders from submitting their bids, but does not specify offences.
 
Also, disqualification will be limited to six years from the day of conviction, if the recommendations are accepted. Currently, there is no limit.
 
The committee also recommended doing away with a provision that considers financial creditors