Govt asks panel to review amendment to Insolvency and Bankruptcy Code The review committee will help the government take another look at some of the contentious issues in the IBC ordinance highlighted by the industry The government has decided to ask a panel it formed in November to review provisions of the Insolvency and Bankruptcy Code (IBC) to also review a later amendment prohibiting defaulting promoters and related entities from bidding for their assets, two people aware of the matter said. The committee, which is chaired by the secretary, ministry of corporate affairs, and includes members involved in the drafting of the IBC, met on Friday.Coincidentally, on the same day, the Punjab and Haryana high court issued a notice to the centre over the amendment. Suman Jolly, managing director of Punjab-based Recorders and Medicare Systems Pvt. Ltd, had challenged the IBC ordinance on the ground that it would have retroactive effect, and that it does not distinguish between ordina