MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI) has proposed major changes in the insolvency process to bring more discipline and transparency and to address issues that have come up in recent cases.
The IBBI, which regulates both insolvency professionals and the process, has sought public views on amendments by September 17.
A key development is the introduction of a code of conduct for the committee of creditors (CoC) proposed by a parliamentary standing committee headed by Jayant Sinha.
The 31-point code of conduct, among other things, requires creditors to disclose any conflict of interest, maintain full confidentiality and not try to adjust funds of the corporate debtor against their dues during the resolution process. Howe…
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