
MCA Considers Oversight Panel For CoC Functioning Under IBC
The Ministry of Corporate Affairs (MCA) is considering the formation of an oversight committee to examine the functioning of the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code (IBC).
A senior government official stated that discussions are currently underway within the ministry. This development follows a recent observation by the Supreme Court during the Jet Airways liquidation case, which suggested improved mechanisms for implementing the code of conduct for CoCs. The proposed oversight committee, if implemented, would aim to ensure greater adherence to the IBC framework by lender committees. As of now, no formal decision has been made, and the matter remains under internal consideration by the MCA.