Insolvency Bill in Lok Sabha: Promoters of defaulting firms get a month to clear dues – The Indian Express

The Bill allows asset reconstruction companies, banks and alternative investment funds registered with the Securities and Exchange Board of India. (Express photo by Ravi Kanojia)

Defaulting promoters who had submitted resolution plans for insolvent companies before an Ordinance in November, which made them ineligible to do so without clearing dues first, will get up to a month to come clean to be eligible to bid for the stressed firms.

A Bill introduced in the Lok Sabha on Thu…

Read the full article at: http://indianexpress.com/article/business/banking-and-finance/insolvency-bill-in-lok-sabha-promoters-of-defaulting-firms-get-a-month-to-clear-dues-5003173/