IBC Amendment Clarified That CoC Is Final Authority: VG Kannan
  • WebDesk BTVI
  • Aug 02 2019

Speaking on the IBC amendment, VG Kannan, Chief Executive of Indian Banks' Association (IBA), said amendment in IBC was needed for Essar steel case. It clarified that the committee of creditors (CoC) is the final authority to take decision on resolution plan, and its decision cannot be intervened by the court. He also spoke on issues of varied stakeholders mandate to be on ICA signing and monitoring companies for preventing fund diversion.