IBC Review
Parliament panel to review IBC on Jul 29, asks RBI Malhotra to be present
This story was originally published at 13:27 IST on 16 July 2025
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--Source: Parliament panel asks RBI Malhotra to appear Jul 29 for IBC review
NEW DELHI - The Parliamentary Standing Committee on Finance has asked Reserve Bank of India Governor Sanjay Malhotra to be present at a meeting Jul. 29 for review of the working of the Insolvency and Bankruptcy Code, a government source said Wednesday. According to the agenda circulated to members, the committee will record the evidence of RBI representative on the subject "review of working of Insolvency and Bankruptcy Code and emerging issues" at 1430 IST at old parliament building, New Delhi.
The panel had on Jul. 10 recorded the statements of the representatives from State Bank of India, Bank of Baroda, Indian Bank, and Indian Overseas Bank on the working of the code and emerging issue. The Insolvency and Bankruptcy Code, 2016, provides a framework for resolving insolvency and bankruptcy in companies, partnership firms, and individuals. It establishes a time-bound process for creditors to recover dues and maximise the value of assets, fostering entrepreneurship and improving credit availability. The code consolidates various laws related to insolvency and replaces outdated provisions with a more efficient framework.
On Jul. 10, Governor Malhotra had deposed before the committee on the central bank's evolving role in India's economy. He told the committee that the economy is resilient and showing positive signs amidst global headwinds. The committee was told India would continue to be the fastest-growing large economy in 2025-26 (Apr-Mar), leveraging its sound macroeconomic fundamentals. The governor also told the committee that the RBI is monitoring global developments related to cryptocurrency .
The Standing Committee on Finance consists of 31 members, with 21 from the Lok Sabha and 10 from the Rajya Sabha. Bharatiya Janata Party leader Bhartruhari Mahtab is the chairman of the committee. The panel examines matters related to the finance ministry as well as the Ministry of Corporate Affairs, NITI Aayog, and the Ministry of Statistics and Programme Implementation. Former finance minister P. Chidambaram is also a member of this committee. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Kuldeep Singh
Edited by Vandana Hingorani
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