NEW DELHI: The government will give promoters of insolvent companies more time to repay their dues and participate in the resolution process of bankrupt companies in the Bill that will replace the ordinance that was promulgated last month to amend the Insolvency and Bankruptcy Code (IBC), ET has learnt. The changes proposed in the Bill will also clearly allow asset reconstruction companies, banks and alternative investment funds (AIFs) to participate in bidding and clarify the status of guarantors of such companies.
Entities that submitted a resolution plan but were subsequently rendered ineligible by the NPA clause of the ordinance will get an opportunity to make themselves eligible to participate, said people with knowledge of…
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