The corporate affairs ministry is working with the finance ministry, Reserve Bank of India and the Indian Banks’ Association (IBA) on the issue of the conduct of the committee of creditors under the insolvency resolution process, a senior official said on Friday. The role of Committee of Creditors (CoC) is crucial in deciding a resolution plan under the Insolvency and Bankruptcy Code (IBC), which provides for a market-linked framework for resolving stressed assets.
The discussions on the issue of the conduct of CoC in the context of the insolvency resolution process assumes significance amid recent instances of creditors taking steep haircuts on their exposure under resolution plans.
“We are working with IBA, RBI and Department of Financi…
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