A Parliamentary Standing Committee on Finance has backed steps taken by the government to strengthen recovery under the Insolvency and Bankruptcy Code (IBC), while seeking deeper and time-bound action to tackle diversion and siphoning of funds during insolvency proceedings. The panel, in its report on action taken by the government on its earlier recommendations on the working of the IBC, noted the steps taken by the Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of India (IBBI) to improve recovery and deal with assets attached under the Prevention of Money Laundering Act (PMLA).