Govt ready to make more changes, if necessary, to insolvency law

New Delhi: The government is ready, if required, to make further changes to the Insolvency and Bankrutpcy Code, a senior official said on Friday.

While noting that the code is a game changer, Corporate Affairs Secretary Injeti Srinivas also sought to dispel certain "myths" regarding the law, including those provisions related to barring of wilful defaulters from the bidding process for stressed assets.

The government is "more than willing to take any good suggestions and examine it and make further changes to the code, if required," he said here.

The code, which comes under the Corporate Affairs Ministry, has already been amended twice.

Minister of State for Corporate Affairs P P Chaudhary said the IBC is the first major step in a long journey to building a credit market in India that can support entrepreneurship.

They were speaking at a conference organised by the IBBI and the Indira Gandhi Institute of Development Research here.

Insolvency and Bankruptcy Board of India (IBBI) is implementing the Code. IBBI Chairperson M S Sahoo and other senior officials were also present.