NEW DELHI: A framework for insolvency resolution of business groups should be rolled out in phases, according to initial consultations within the government.
A group insolvency framework that is voluntary, flexible and enabling in nature should be provided under the Insolvency and Bankruptcy Code (IBC) and may be introduced in phases, according to an expert committee which studied the issue.
In the first phase, only provisions governing domestic group insolvency may be enacted,” said the report of the Cross Border Insolvency Rules/Regulations Committee (CBIRC) led by the former secretary to the government KP Krishnan, released by the Ministry of Corporate Affairs.
The UN model law on enterprise group insolvency may be considered a…
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