Facing allegations of bagging Monnet Ispat through backdoor, JSW Group Chairman Sajjan Jindal on Tuesday said Section 29A-c of the Indian Bankruptcy Code (IBC) shows the immaturity of the new bankruptcy laws and hoped that it might be dropped as the system matures.
Saying that no other country has such a provision (Section 29A-c) in their bankruptcy laws, Jindal said, "Probably this will not last very long... as the country matures, as the bankruptcy system matures, this will go away.”
It can be noted that the government amended the IBC code in December inserting Section 29A-c that allows
Saying that no other country has such a provision (Section 29A-c) in their bankruptcy laws, Jindal said, "Probably this will not last very long... as the country matures, as the bankruptcy system matures, this will go away.”
It can be noted that the government amended the IBC code in December inserting Section 29A-c that allows