to remain firmly grounded to the realities of the market and rescue the firmstalking about the fifth amendmentordinance that happened a month ago he said during these unusual times protecting lives is most significant for us and this inturn requires us to protect livelihoods and save lives of the companies that are the engines of growth hope of prosperity provide goods and services employment and have an organisational capital over and above their liquidationhe also informed that substantial work was going on for having a framework for msmes micro small and medium enterprises with some special dispensations some relaxations without disturbing the basic structure of the codeon the committee set up by the government to give a prepack framework he said we expect the report of the committee to come by the end of this month but if this has to be drawn on law and not as per market practice it will require an amendment in lawhe also said that work is ongoing on many fronts be it group crossborder individual insolvencies and others but i think the insolvency law has to remain focussed on basic code its focus should remain to rescue the company and must continue to serve the economyin his special address s c garg former union finance secretary said the ibc has created a new institutional path and a shift in the effectiveness of dispute resolution it is one among several avenues available to business for quick resolution without allowing capital to be wasted the innovative and proactive role of government and ibbi is heartening to see whereby ibc and regulations may change as per the need of the hour we have full faith in the rule of law and that is what will give credibility to doing business in our countrygarg added ibc is the most effective instrument available to banks for recovering their defaulted loans to the best extent possible discretion to use ibc or restructure loans under rbi scheme or through any other legitimate way should be that of the banks suspension of ibc should be revoked to restore this instrument to banksniranjan hiranandani president assocham lauded the government and the rbi governor for a onetime rollover which has been approved by the rbi and put up before the k v kamath committee we are really grateful that such a onetime rollover is happeningcharan singh chairman assocham national council on banking said todays esummit on ibc post pandemic was extraordinary as we had the best minds participate and share their thoughts while sahoo delivered the keynote address garg delivered a special address the discussions lasted more than three hours the conclusion of course was that testing times are ahead and we are prepared for the challenge