Resolution professionals said they had submitted their suggestions on the issue to a government panel formed to address concerns around the IBC. Photo: Mint
Mumbai: Resolution professionals (RPs) appointed to manage companies taken to the bankruptcy court have sought clarity on how to proceed when these companies refuse to cooperate with them, two RPs working on large bankruptcy cases said.
Several companies have turned hostile after a recent law made it tough for promoters to regain control of their companies in bankruptcy auctions, the two said on condition of anonymity. RPs said they had submitted their suggestions on the issue to a government panel formed to address concerns around the Insolvency and Bankruptcy Code (IBC).
The Insolvenc…
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