Insolvency law committee formed to review corporate insolvency procedures and recommend procedural and implementation reforms.
An Insolvency Law Committee is constituted to examine stakeholder suggestions and practical issues affecting the efficiency of corporate insolvency resolution and liquidation under the Code, to make recommendations to improve processes and implementation, to invite or co opt experts and regulators, with non official members eligible for travel allowances where sponsors do not bear costs, secretarial support provided by the Ministry and IBBI, and a requirement to submit recommendations within a short timeframe from its first meeting.

Shareholders' approval not required for resolution plans; Adjudicating Authority approval binds stakeholders and deems consent.
There is no requirement to obtain shareholders' or members' approval for a resolution plan during consideration under the Code; the resolution professional must ensure plans comply with applicable laws so they are legally implementable. A resolution plan approved by the Adjudicating Authority is binding on the corporate debtor and all stakeholders, and actions that would otherwise require shareholder/member consent are deemed to have been given upon such approval.