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

New Delhi [India], July 10 (ANI): 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)