Essential goods may soon come under IBC regulations: Details here

A committee to review the insolvency and bankruptcy code (IBC) has proposed allowing companies undergoing insolvency to ask for the supply of more essential goods than are currently permitted under the law to make it a going concern. 

For this, the panel suggested expanding the definition of essential goods under IBC regulations.

The Insolvency and Bankruptcy Board of India has invited public comments on the proposed amendment to the regulations. According to regulation 32 of IBC, four items — electricity, water, telecommunications, and information technology — are currently covered under essential goods. 

The insolvency law committee (ILC) has proposed “the list of essential