The recent amendments by the Insolvency and Bankruptcy Board of India (IBBI) via the IBBI (Corporate Insolvency Resolution Process or CIRP) (second amendment) Regulations, 2021, are welcome steps towards bringing in greater transparency and accountability in conducting resolution processes under the Insolvency and Bankruptcy Code (IBC), 2016.
Once the CIRP is initiated, an insolvency professional (IP) is appointed. The IP steps in the shoes of the board of directors and management to take charge of the corporate debtor. The code details the various duties of the IP with the objective of preserving the value of the debtor. The objective of the CIRP is to promote entrepreneurship and give fresh life to an asset, besides maximising its va…
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