A company bidding for a stressed asset in the same sector in which it is operating will now have to get the Competition Commission of India’s (CCI’s) approval ahead of finalisation of bids during insolvency process, sources said.
This is a part of the latest round of amendments proposed by the government in the Insolvency and Bankruptcy Code (IBC) 2016. It will also include changes to bring down the cost of the resolution process for homebuyers, fixed deposit as well as debenture holders, sources said.
“These amendments are likely to be taken up by the Cabinet for approval in its next meeting as early as Wednesday,” sources in the corporate affairs ministry told DNA Money. “The IBC (Amendment) Bill will be tabled before Par…
Read the full article at: http://www.dnaindia.com/business/report-dna-money-exclusive-competition-commission-approval-may-be-needed-for-buying-rival-company-under-ibc-2637629
