Brief case: SC recommends changes in IBC rules

A weekly selection of key court orders

The Supreme Court (SC) has recommended amendment of rules pertaining to the Insolvency and Bankruptcy Code (IBC) so as to make it easier for the National Company Law Appellate Tribunal (NCLAT) to grant approvals for settlement among the parties. At present, its inherent power to do so is restricted. As a result, such matters have to be decided by the SC, which has to invoke its extraordinary discretionary powers to stamp the seal of approval on settlements among financial creditor, operational creditor or corporate creditor. This exercise burdens the apex court. Therefore, to speed up the process and enable the