Revisiting pre-IBC norms only after current rush: FM Arun Jaitley

Section 29(A) of Code needs amendment, says Jaitley

Only after the initial clutter of insolvency cases is cleared, marrying the pre-Insolvency and Bankruptcy Code (IBC) mechanism with the current law for resolving bad debts could be considered, said Union Finance and Corporate Affairs Minister Arun Jaitley on Tuesday.

Jaitley was addressing an event organised by Vidhi Centre for Legal Policy to mark two years of the IBC. 

“We have to see if revival is only through the IBC or can we revive otherwise,” he said, adding: “And I think, today may not be the right time to go in for this discussion because of the huge rush of