Insolvency regulator, IBBI, proposes to stipulate mandatory audit of Insolvency Resolution Process Costs (IRPC) in resolution cases where the assets of the corporate debtor (CD) is in excess of 100 crore.
This proposal forms part of the nine new measures that the Insolvency and Bankruptcy Board of India (IBBI) has mooted in a new discussion paper that has been floated to increase the possibility of resolution, the value of the resolution plan, and enable timely resolution.
Public comments have been sought electronically on this discussion paper latest by June 27.
IBBI has proposed that the audit of IRPC can only be conducted by a Chartered Accountant, who is also recognised as an insolvency professional (IP).
This additional measure …
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