Govt open to amending IBC to address practical difficulties

The government is open to amending the Insolvency and Bankruptcy Code (IBC) to resolve practical difficulties and redress grievances, union minister P P Chaudhary has said, amid owners of many undelivered flats looking to seek relief under this law.

Assuring that the challenges thrown up by some cases would get resolved, the minister said the government is monitoring implementation of the Code.

The Code -- which provides for a market-determined and time-bound insolvency resolution process -- became operational in December last year.

"When we see it is not practically possible to implement certain provisions (of the Code) or practically on some count the Code is silent, then we can fill the gap by way of bringing some new amendment... If we think some amendment is required, then we will consider it," Chaudhary told

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