IBC Bill won't encroach on SC domain, says FM Nirmala Sitharaman

The amendments are largely to clear the Code's legislative intent, says Nirmala Sitharaman

The government’s move to amend the Insolvency and Bankruptcy Code (IBC) was largely to clear its legislative intent and not to encroach on the Supreme Court’s domain, Finance Minister Nirmala Sitharaman said on Monday. 

She was replying to a debate on the amendments to the code in the Rajya Sabha. 

“In spite of the global headwinds, we have brought such reforms. It is not being done exclusive of the court and it is not certainly eroding into the court’s domain,” the minister said. 

The Rajya Sabha later passed the IBC amendment Bill, which has been changed for the third time since its inception