In a bid to make the corporate insolvency resolution process more efficient and time bound, the Insolvency and Bankruptcy Board of India (IBBI) has proposed fresh changes such as holding monthly meetings of the Committee of Creditors and structuring the resolution plan to provide complete information and changes in the valuation methodology.
In a discussion paper on Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Process) Regulations, 2016, the IBBI has proposed amendments to six aspects of the corporate insolvency resolution process based on the experience over the last six years, many of which has resulted in extended litigation. The IBBI has sought public comments on these by November 22.
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Read the full article at: https://www.businesstoday.in/latest/in-focus/story/ibbi-proposes-fresh-changes-to-make-corporate-insolvency-resolution-process-faster-efficient-404314-2023-11-02