new Delhi, May 20 -- The parliament's top finance panel is set to scrutinize the country's insolvency and bankruptcy framework, in the wake of a recent Supreme Court order quashing the rescue of Bhushan Power & Steel Ltd (BPSL) and ordering its liquidation. Officials from the corporate affairs ministry, the Insolvency and Bankruptcy Board of India (IBBI) and public sector banks will brief the Parliamentary Standing Committee on Finance on the bankruptcy framework and its operational aspects, as policymakers look for a way forward after the landmark Supreme Court judgement. The committee is led by Bharatiya Janata Party's Lok Sabha MP Bhartruhari Mahtab. BPSL was among the 12 large bad loan accounts identified early for priority resolution. In September 2019, a company law court approved JSW Steel Ltd's Rs.19,700 crore BPSL rescue plan, which was also upheld by an appeals tribunal the next year. The Supreme Court on May 2 this year overturned the plan, citing non-compliance with the Insolvency and Bankruptcy Code (IBC) provisions and certain jurisdictional issues. The order, which came five years after the final clearance, is seen as a milestone in India's debt resolution framework, as it highlights the need to ensure the integrity of the debt resolution process. After a briefing by the corporate affairs ministry on May 29 on 'the working of IBC and emerging issues,' the panel will take oral evidence from representatives of three leading state-run banks, according to the panel's schedule made available by the Lok Sabha Secretariat. On May 30, the panel will discuss the matter with the representatives of bankruptcy rule maker and regulator of professionals, IBBI. The working of IBC came under the spotlight after the SC said that following procedures and legal provisions-and not just the end result-was critical in debt resolution. The judgement also highlighted lapses by the resolution professional and the creditors of the distressed company. Apart from the working of IBC, the House committee will also discuss the 'roadmap for Indian economic growth in light of global economic and geopolitical circumstances' with chief economic advisor (CEA) V. Anantha Nageswaran on 9 June, showed the schedule....