BPSL liquidation: MCA, IBBI study SC order to assess IBC implications

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BPSL liquidation: MCA, IBBI study SC order to assess IBC implications - Business Standard

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IBC experts said the ruling would have serious implications for the Code and could discourage applicants from submitting resolution plans due to fears that such plans might later be overturned.

The Ministry of Corporate Affairs (MCA) and the Insolvency and Bankruptcy Board of India (IBBI) are studying the Supreme Court order in the Bhushan Power and Steel (BPSL) matter to assess its implications for the Insolvency and Bankruptcy Code (IBC), a top government official told Business Standard.“We are examining the order and seeing what learnings can be taken from there in terms of IBC regulations and processes,” the government official said.