New Delhi [India], September 10 (ANI): The Insolvency and Bankruptcy Board of India (IBBI) has warned against misuse of IBC provisions for tax avoidance and evading investigations, directing resolution professionals to stay vigilant against fraudulent actions that undermine corporate rescue proceedings.
According to a circular issued by IBBI, information received from law enforcement and regulatory bodies revealed that certain entities exploit the Insolvency and Bankruptcy Code, 2016 for purposes outside genuine debt resolution or liquidation.
“The Insolvency and Bankruptcy Board of India has received information from law enforcement and regulatory agencies that, in certain cases, the framework under the Insolvency and Bankruptcy Code,…