The insolvency code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process. Photo: MintNew Delhi: 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. In this regard, regulations pertaining to Insolvency Resolution Process for Corporate Persons as well as to Fast Track Insolvency Resolution Process for Corporate Persons have been amended by the IBBI. The Code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process.

Source: Mint October 07, 2017 06:11 UTC