The Insolvency and Bankruptcy Board of India, which oversees the revival and liquidation of distressed firms, amended two of its regulations to require that every turnaround scheme should also specify how the interests of these stakeholders will be taken care of. Photo: AFP
New Delhi: Bankrupt businesses exploring turnaround options under pressure from lenders can no longer ignore the interests of their employees, vendors and customers, which in the case of real estate firms would include homebuyers, according to the latest rule changes announced on Friday.
The Insolvency and Bankruptcy Board of India, which oversees the revival and liquidation of distressed firms, amended two of its regulations to require that every turnaround scheme sho…
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