By Surendra Raj Gang
On February 4, the Insolvency and Bankruptcy Board of India (IBBI), issued a discussion paper on proposed amendments for solutions to operational challenges encountered in the Corporate Insolvency Resolution Process (CIRP) and the liquidation process under provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). One of the proposed amendments is to do away with provisions on the “sale of the corporate debtor (CD, or the insolvent company to be liquidated) as a going concern” in the liquidation regulations. Liquidation is generally understood to be a permanent closure. However, the sale of CD as a going concern under liquidation is innovative. This would provide a last resort to safeguard entities from…
