The conflict between the Insolvency and Bankruptcy Code 2016s twin objectives of timely resolution and value maximisation of corporate persons has been subject to much debate. The sweeping conclusion from judicial decisions indicates that actions in pursuit of maximising value of the corporate debtor are defensible even when they transgress the boundaries of the code.
The battle continues with the Ministry of Corporate Affairs (MCA) notification, dated 18 January 2023, which proposes certain changes to the code. The MCA has inter alia proposed reinstatement of corporate insolvency resolution process (CIRP) in cases of rejection or non-implementation of a resolution plan, or even after commencement of liquidation process where the liquida…
Read the full article at: https://law.asia/mca-proposal-reinstate-corporate-insolvency-resolution-process/