Seeking to enhance transparency in the insolvency process, the Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations.
The IBBI said in a release on Wednesday that the amendments were aimed at enhancing the discipline, transparency, and accountability in corporate insolvency proceedings.
A resolution professional was duty-bound to find out if a corporate debtor (CD) had been subject to avoidance transactions, namely, preferential transactions, undervalued transactions, extortionate credit transactions, fraudulent trading and wrongful trading, and file applications with the adjudicating authority seeking appropriate relief….
Read the full article at: https://www.thehindu.com/business/Economy/ibbi-amends-insolvency-rules-to-help-improve-transparency/article35455260.ece
