New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) has amended norms pertaining to the liquidation process as part of efforts to make the process more smooth and ensure accountability among the stakeholders. Now, liquidators are required to convene meetings of the Stakeholders’ Consultation Committee (SCC) at an interval of maximum 30 days and the frequency of the meetings can be reduced subject to certain conditions. At every SCC meeting, liquidators have to present a comprehensive report that includes details about the progress made in the liquidation process, IBBI said in a release on Tuesday.
Among the key amendments, the liquidator can reduce the reserve price by up to 25 per cent for assets with existing valuation …
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