Apex court order does not impact IBC law: CEA

Last Updated: Fri, Apr 05, 2019 15:19 hrs
Supreme Court

New Delhi: Chief Economic Advisor (CEA) Krishnamurthy Subramanian on Thursday said the Supreme Court order quashing RBI's stressed asset resolutions order does not impact the Insolvency and Bankruptcy Code, 2016 (IBC).

Speaking at an industry event, the CEA said: "I don't think changes in the IBC law should be necessitated. It's a technical aspect that has changed and does not impact the fundamentals."

Krishnamurty said the Reserve Bank of India (RBI) and the government would be working together to resolve the problems in the IBC law.

The advisor said the 25 bps rate cut announced by the RBI was good for growth and was in line with central bank's policy stance.

The RBI's Monetary Policy Committee (MPC) on Thursday announced a 25 bps cut in the benchmark interest rates to 6 per cent.