Insolvency and Bankruptcy Board of India has amended its corporate insolvency resolution process regulations to ensure that as part of due diligence prior to approval of a resolution plan, the antecedents, credit worthiness and credibility of a resolution applicant, including promoters, are taken into account by the Committee of Creditors.
With a view to ensure that the corporate insolvency resolution process results in a credible and viable resolution plan, the Insolvency and Bankruptcy Board of India (IBBI) has carried out amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) resolution process, 2016 (CIRP Regulations).
The revised regulations make it incumbent upon the resolution professional to ensure …
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