A discussion paper on amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Process) Regulations, issued on 1 November, aims to improve the efficiency of executing resolution plans.
The Insolvency and Bankruptcy Board of India (IBBI) has suggested bifurcating resolution plans. Part A should focus on the financial aspects, including the total value, payment timelines, feasibility assessment and resolution process costs. Part B must address the distribution of funds among creditors and stakeholders.
The proposals necessitate insolvency professionals seeking approval for expenses incurred during the resolution process. This encompasses operational costs sustained to maintain business ope…
Read the full article at: https://law.asia/ibbi-proposes-streamlining-insolvency-process-corporate-resolution-plans/