NEW DELHI: The government on Wednesday said insolvency resolution plans, such as sale and transfer of assets, do not require approval from shareholders or the company as the law provides a detailed process from the receipt of the resolution plan to approval by the adjudicating authority.
The clarification by the ministry of corporate affairs is expected to speed up the process of resolving cases facing insolvency action in various benches of the National Company Law Tribunal (NCLT), which range from large steel companies such as Essar Steel and Bhushan Steel to real estate players such as Jaypee Infratech and some of the companies of the Amrapali Group. A number of these cases are now nearing the deadline for working out a resol…
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