Insolvency resolution professionals will now be required to assess the fair value and liquidation value of the entity undergoing insolvency proceedings, with the latest set of amendments to the regulations.
The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms pertaining to insolvency resolution process for corporate persons.
Under the revised framework, the resolution plan — approved by the committee of creditors — should be submitted to the adjudicating authority “at least 15 days before the expiry of the maximum period permitted for the completion of the corporate insolvency resolution process”.
An official release today said the norms have been amended wherein the resolution professional shou…
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