The Insolvency and Bankruptcy Board of India (IBBI) has tightened disclosure requirements for insolvency professionals, mandating them to include “comprehensive details” of carry forward of losses in the information memorandum prepared during the corporate insolvency resolution process (CIRP).
This enhanced disclosure framework is intended to provide potential resolution applicants with more comprehensive understanding of a corporate debtor’s (CD) financial position, enabling them to develop more informed and viable resolution plans while considering the benefits of losses carried forward, the IBBI said in a release issued on Monday.
Information memorandum (IM), a key document in the CIRP, is prepared by insolvency…
