New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) has allowed administrators of bankrupt companies to sell these entities either as a whole or their assets individually, in a move that gives a great deal of flexibility in debt resolution.
While amending the regulations, IBBI said this has to be done with the approval of creditors to the company.
Amendments to the 2016 corporate insolvency resolution regulations published on Wednesday said the professional representative of creditors running the bankrupt business may, with the approval of creditors, invite debt resolution plans for the corporate debtor as a whole, or bids for sale of one or more of its assets or for both.
