THE NARENDRA MODI government has drawn up a plan to introduce cross-border and group insolvency norms simultaneously through amendments to the Insolvency and Bankruptcy Code (IBC), as it expects to assume power for a third term, a government source told FE.
"The ministry of corporate affairs has made representations in is regard to the Cabinet. With its approval, the IBC Bill is likely to be tabled in Parliament by the new government shortly after it assumes office," an official source said.
Group insolvency norms are needed for effective implementation of cross-border insolvency rules and thus both are linked, the source said.
Group insolvency refers to clubbing the assets and liabilities of all companies in a corporate group and undertaking resolution proceedings, before dealing with each firm.
In December, Insolvency and Bankruptcy Board of India (IBBI) member Sudhaker Shukla had said that increasingly, the government has realised that without group insolvency, the aspect of cross-border insolvency"will not work at all".
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