Insolvency resolution norms made stringent
The Insolvency and Bankruptcy Board of India has amended the corporate insolvency resolution process regulations to ensure that applicants, including promoters, are put to a stringent test with respect to their credit worthiness and credibility. To ensure that the corporate insolvency resolution process results in a credible and viable resolution plan, the IBBI has carried out amendments to the IBBI Resolution Process, 2016, it said. The revised regulations make it incumbent upon the resolution professional to ensure that the resolution plan presented to the Committee of Creditors contains relevant details to assess the credibility of the resolution applicants. The resolution professional has to also submit details in respect of transactions covered under the provisions relating to undervalued transactions, extortionate credit transactions and fraudulent transactions, under the Insolvency and Bankruptcy Code.
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