Cabinet may consider amendments to Insolvency & Bankruptcy Code today

The Cabinet is likely to consider amendments to the Insolvency and Bankruptcy Code (IBC) on Wednesday.

The government plans to promulgate an Ordinance to give effect to these changes since Parliament is not in session, sources said.

A draft note circulated to various stakeholders says it is looking at treating homebuyers on a par with financial creditors in legal rights of insolvent firms.

This was also a recommendation of a committee, set up to review the insolvency law under the chairmanship of Corporate Affairs Secretary Injeti Srinivas.

The panel had also suggested Section 29A clause in the insolvency law be