The ministry is preparing a bill to amend IBC, which experts called a milestone in the evolution of the bankruptcy law in India. It will make sure that the provisions enacted in January to disqualify wilful defaulters and those ‘acting jointly’ with them from bidding for the bankrupt firm do not unfairly bar entities like asset reconstruction companies (ARCs), banks and alternative investment funds. The fear is that these entities may get covered by the definition of disqualification. The definition of disqualified promoters will be narrowed by dropping the expression “acting jointly/acting in concert".