In the Ordinance that was cleared by the Union Cabinet Wednesday, the government has not categorically banned existing promoters from bidding for their own companies undergoing resolution. The Ordinance spells out norms on who cannot be a resolution applicant for companies undergoing corporate insolvency resolution process (CIRP) under the IBC. In the Ordinance that was cleared by the Union Cabinet Wednesday, the government has not categorically banned existing promoters from bidding for their own companies undergoing resolution. Ltd, which is dealing with some insolvency cases under the IBC. The amendments provide that the CoC ensure the viability and feasibility of the resolution plan before approving it.

Source: Indian Express November 23, 2017 23:48 UTC