By M Umarji
A new section 29A has been inserted in the Insolvency and Bankruptcy Code, 2016 (IBC 2016 ) which specifies various categories of persons who are not eligible to submit the resolution plan for insolvent companies, which includes the debtor company itself and its guarantors. It is reported that government is reviewing the issue of persons being indirectly barred from bidding for insolvent assets by reason of being connected or related to those ineligible to bid under the amended IBC 2016.
While conducting such review, it is necessary to note some basic objects for which IBC 2016 has been enacted, as under:
- Insolvency resolution petitions can be initiated immediately on default of Rs 1 lakh or above. Section 10 of the Code p…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/view-resolution-plans-under-ibc-should-adhere-to-principles-of-natural-justice/articleshow/63494248.cms
