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Key Points

BJP MP Bhartruhari Mahtab met RBI Governor Sanjay Malhotra for discussions on India's economic landscape. The next meeting will focus on proposed amendments to the Insolvency and Bankruptcy Code. The government plans to ease CCI approval requirements for resolution plans under IBC. This follows the Supreme Court's recent observations on AGI Greenpac's case.

Key Points: BJP's Bhartruhari Mahtab Meets RBI Governor on IBC Reforms

  • Mahtab and RBI Governor discussed economic updates amid global challenges
  • Next meeting set for July 23-24 on IBC reforms
  • Govt likely to amend IBC Section 31(4) in monsoon session
  • Amendment aims to reduce CCI approval burden for resolution plans
2 min read

Meaningful discussion: Parliamentary Standing Committee on Finance Chairperson meets RBI Guv

Parliamentary panel discusses economic updates with RBI Governor, plans next meeting on Insolvency and Bankruptcy Code amendments

"It has been a very meaningful discussion today with the Governor of the RBI - Bhartruhari Mahtab"

New Delhi, July 10

Bharatiya Janata Party MP and the Chairperson of the Parliamentary Standing Committee for Finance, Bhartruhari Mahtab, met Reserve Bank of India Governor Sanjay Malhotra on Thursday.

Stating that he had a very "meaningful" discussion with the RBI Governor, Mahtab informed that a wide range of information on the economic situation and the financial system of the country was discussed during the meeting.

The BJP MP stated that the next meeting will be held on July 23 or 24, with the main agenda being a discussion of the Insolvency and Bankruptcy Code (IBC).

"It has been a very meaningful discussion today with the Governor of the RBI. He gave us a wide range of information related to the economic situation and the financial system of our country. Members also had queries, and I believe most of the queries were quite convincing. Next meeting will be perhaps on the 23rd or 24th of this month with the RBI Governor relating to the Insolvency and Bankruptcy Code. The economy is doing very well despite global headwinds, so that is the way in which he has explained", Bhartruhari Mahtab told ANI.

Meanwhile, the Central government is likely to bring an amendment in the IBC in the upcoming monsoon session of Parliament, sources told ANI.

The amendment in Section 31(4) of IBC will be made. This particular section mandates prior approval from the CCI for any resolution plan. Sources said the amendment in the IBC will reduce the load on the Competition Commission of India (CCI).

Once the new amendment is adopted, approval from CCI would not be needed for a company planning resolution under the IBC route, they added.

The plan to amend the IBC comes in the wake of the Supreme Court's latest observation during the hearing of the resolution plan of AGI Greenpac.

The apex court had noted that the resolution was unsustainable without CCI approval.

- ANI

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Reader Comments

S
Shreya B
While the economy is doing well, I hope they also discuss measures to control inflation which is affecting middle class families like ours. Petrol prices and grocery bills are pinching our pockets badly these days 😔
A
Arjun K
The IBC amendment is a welcome step but implementation is key. We've seen many good policies fail due to poor execution. Hope they also strengthen NCLT infrastructure to handle cases faster. #MakeInIndia
P
Priya S
As a small business owner, I appreciate these discussions. The insolvency process needs to be more SME-friendly. Often we get caught in lengthy procedures that hurt our working capital. Hope they consider this aspect too.
V
Vikram M
While the government is making reforms, I wish they would be more transparent about these meetings. A brief summary of discussions should be made public. We citizens deserve to know what's being decided about our economy.
K
Kavya N
The RBI Governor's positive outlook is encouraging! With global recession fears, it's good to know our economy remains stable. But we must remain cautious - let's not celebrate too early. Jai Hind 🇮🇳

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