Bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.
The banks should be looking at other options for recovering loans before invoking the IBC, said Corp Affairs Secy Injeti Srinivas.
The bench said only genuine homebuyers can invoke insolvency proceedings against the builder.
AK Mohanty said one month's salary should be released to Jet Airways employees for their basic survival.
The country's largest bank, State Bank of India, has lending worth Rs 1.76 lakh crore classified as NPA till march 2019.
Appellate tribunal rejected the plea of Jaiprakash Associates Ltd, the promoters of Jaypee Infratech, to be eligible to submit bid.
Essar Steel was auctioned under the new IBC to recover Rs 54,547 crore of unpaid dues of financial lenders.
A consortium of 26 bankers led by SBI had approached NCLT to recover dues of over Rs 8,500 cr from Jet Airways.
The NCLAT had in January this year issued notices to RHC Holding and other parties and directed them to file their replies.
The Survey said that IBC has initiated a cultural shift in the dynamics between lender and borrower, promoter and creditor.