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NEW DELHI: Insolvency board IBBI on Tuesday issued a discussion paper to provide clarity on various operational aspects including those related to coordinated resolution of interconnected entities and streamlining of submission of resolution plans. The paper proposes several amendments to address operational challenges in the resolution framework. The IBBI has invited public comments on the discussion paper till February 25 through its website.

In the discussion paper, the Insolvency Bankruptcy Board of India (IBBI) said, one of the major proposals is to strengthen the Committee of Creditors (CoC) decision-making process by mandating regular…

Critical legal and regulatory shifts, from AI-driven workforce transformation to evolving insolvency frameworks, are expected to redefine India Inc.’s business strategy.A recent report by Khaitan & Co., ‘Foresight 2025,’ states that legal agility will be key for businesses navigating India’s evolving corporate terrain as regulatory complexities deepen across sectors.

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Matt Precey/BBC

A former employee of Impact Business Shared Services Ltd (IBSS), who did not wish to be identified, said they were among those owed money.

“Everyone at IBSS was let go without their final month’s pay,” the former worker said.

“We’re all out of pocket by a few thousand pounds.”

Employee back pay totalling £156,700 is listed in the documents as “unsecured non-preferential claims”.

“After secured and preferential creditors – usually banks and HMRC – and any fees for the liquidator are paid, whatever is left is distributed among the remaining, unsecured, non-preferential creditors,” Mr Rosser said.

The bulk of IBSS’s creditors, who are owed £2.9m in total, were companies within the same group.

Total debts for all 12 companies are currently…