IBBI flags IBC misuse to cut tax bills, avoid probes and close firms without scrutiny
Regulator IBBI on Wednesday asked insolvency professionals to do due diligence to prevent misuse of the insolvency resolution framework to mitigate tax liabilities and close companies without regulatory scrutiny. IBBI is a key institution in implementing the Insolvency and Bankruptcy Code (IBC) that provides for timely and market-linked resolution of stressed assets. In a two-page…

