The Insolvency and Bankruptcy Board of India (IBBI) has invited comments from the public on proposed changes to the corporate insolvency resolution process (CIRP) aimed at improving and ensuring the integrity of amendments.
The proposed changes are recording the deliberations of the committee of creditors (CoC) on the elgibility of the resolution applicant, enhancing disclosures of resolution plans as well as invitation and submission of such plans through electronic platforms. This is a parlimentary committee recommendation and follows the success of a similar requirement for the liquidation process.
Judicial pronouncements, stakeholder feedback and practical experiences have informed the requirement of continuous…