Published:November 8, 2017 1:54 am
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In what would make it tougher for unscrupulous elements, including promoters, to manipulate the insolvency resolution process of a stressed firm, the government on Tuesday amended the Corporate Insolvency Resolution Process Regulations, providing for more stringent scrutiny of resolution applicants before their plan is considered by the committee of creditors.
The amendment is aimed at ensuring that as part of due diligence, prior to the approval of a resolution plan, the antecedents, creditworthiness and credibility of a resolution applicant, including of promoter…
Read the full article at: http://indianexpress.com/article/business/banking-and-finance/insolvency-resolution-centre-tightens-due-diligence-norms-4927318/
