The government is considering objective and transparent guidelines for committee of creditors (CoC) mainly banks and financial institutions — signing off on resolution plans under Indias bankruptcy code, after some excessive haircuts agreed to by such CoCs were questioned by the National Company Law Tribunal and even a parliamentary panel, two people familiar with the matter said.
According to the two, who asked not to be named, there are legitimate concerns that need to be addressed especially in the light of the recent NCLT verdict in the matter of Shiva Industries and Holdings Ltd. CoC, made up of financial creditors, is the supreme decision-making body in the corporate insolvency resolution process (CIRP).
NCLT, Chennai, on August…
Read the full article at: https://www.hindustantimes.com/india-news/centre-mulls-new-rules-on-financial-resolution-plans-101629744386412.html
