Analysts said the MCA notification helps clear the ambiguity regarding who can approach NCLT for CIRP.The government has allowed trustees, estate administrators, persons authorised by a companys board of directors etc to
initiate corporate insolvency resolution process (CIRP) against a corporate debtor before the NCLT, on behalf of financial creditors under the Insolvency and Bankruptcy Code (IBC), 2016.
In a notification, the ministry of corporate affairs (MCA) said a guardian, an executor or administrator of an estate of a financial creditor, a trustee (including a debenture trustee) and a person duly authorised by board of directors of a company may file an application for initiating CIRP against a corporate debtor before the adjudicati…
Read the full article at: https://www.financialexpress.com/economy/insolvency-and-bankruptcy-code-govt-says-trustees-too-can-approach-ibc-against-corporate-debtors/1505097/