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 resolutio...