1) Approval of CoC for insolvency resolution process cost
The proposal by IBBI suggests that the insolvency professional should obtain approval for all the different aspects of the cost involved in the process of resolving the insolvency. This includes the expenses incurred for keeping the business operations running during the insolvency period.
According to Rajiv Chandak, partner at Deloitte India, approval from the CoC for process cost will bring a lot of clarity among stakeholders, and accordingly, they may decide to continue support or find more meaningful deployment of resources.
2) Monthly CoC meetings
IBBI suggested that the Resolution Professional is to be mandated to organize monthly meetings of the CoC.
The proposed regulation…
Read the full article at: https://www.bqprime.com/law-and-policy/ibbi-proposes-reforms-for-efficient-corporate-resolution-all-you-need-to-know