In a move that could speed up the insolvency process for defaulting companies, the Insolvency and Bankruptcy Board of India (IBBI) has published a series of discussion papers.
The Parliament recently passed the Insolvency and Bankruptcy Code (IBC) Amendment Bill. It received the President’s assent on April 6. The resolutions proposed by the IBBI are aimed at aligning with the amended IBC.
As per the draft regulations issued by IBBI, clear timelines have been specified for various stages of the creditor-initiated insolvency resolution process (CIIRP). Also, the financial creditor intending to initiate CIIRP will need to obtain approval of at least 51% in value of the debt due to such eligible financial creditors. The guarantors will…
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