24 Jan 2018

Insolvency Resolution Process: Enhanced Checks and Balances

The Insolvency Resolution process regulation were recently amended[1] to ensure that resolution plan proposed for Corporate persons under Insolvency & Bankruptcy Code, 2016 (“Insolvency Code”) shall contain certain details of resolution applicant and other connected person to assess the credibility of such persons. Further, the amended regulation also provided for submission of all resolution plans to the Creditors committee along with the details of preferential transaction, undervalued transactions, extortionate credit transactions and fraudulent transactions to enable the Creditors’ committee to make an informed decision.>>

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