Shareholders nod not required for Resolution professional now
Published: Mar 14, 2018
By TIOLCORPLAWS News Service
Further, Insolvency and Bankruptcy Board of India (IBBI) also amended IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 so as to ensure that a resolution process ends up with a credible resolution plan which maximises the value of assets of the corporate debtor.
The Govt promulgated The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 on November 23, 2017 to amend the Code in order to further strengthen the insolvency resolution process by prohibiting certain persons from submitting a resolution plan who, on account of their antecedents, may adversely impact the credibility of the processes under the Code. The Ordinance was replaced by The Insolvency and Bankruptcy Code (Amendment) Act, 2018 on Jaunaury 18, 2018