In a bid to streamline the Corporate Insolvency Resolution Process (CIRP) and prevent delays in the execution of the resolution plans, the Insolvency and Bankruptcy Board of India (IBBI) has floated a discussion paper and proposed amendments to the existing regulations.
The proposed amendments suggest to structure the resolution plan in two parts Part A will deal with inflow, that is, payments under the resolution plan, payment of insolvency resolution process cost et cetera; and Part B will deal with distribution to the various stakeholders.
Structuring the resolution plan in two parts will enable the Adjudicating Authority (AA) to first approve the resolution plan effectuating control by the resolution applicant so that inflow can…
Read the full article at: https://www.financialexpress.com/business/industry-insolvency-board-seeks-to-expedite-resolution-process-3295335/