NEW DELHI: The Insolvency & Bankruptcy Board of India has amended rules to mandate that any resolution plan for a company has to explicitly state how it has dealt with the interest of all stakeholders.
This move is aimed at protecting the interests of home buyers of real estate players such as Jaypee Infratech and some of the entities of Amrapali Group.
The revised rules were notified by the regulator for insolvency and bankruptcy proceedings last week and will ensure that banks and other creditors do not get away by protecting their own interests at the expense of others who are impacted by the action.
Banks are part of the creditors’ committee, the key decision-making body after a company is admitted for bankruptcy.
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