IBBI amends insolvency resolution process norms

An insolvency resolution plan will need to have a statement spelling out how the interest of all stakeholders will be dealt with, according to the amended regulations under the Insolvency and Bankruptcy Code.The move would help in ensuring more clarity in terms of taking into consideration interests of stakeholders, including home buyers, concerned during the insolvency process.With the latest amendment by the Insolvency and Bankruptcy Board of India (IBBI), a resolution plan should have a statement about dealing with the interests of all stakeholders.The IBBI is implementing the Code.”A resolution plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of the corporate debtor,” an official release said.

October 16th, 2017