The central government may ease the current requirement for getting a resolution plan for a company approved under the Insolvency and Bankruptcy Code (IBC). The government may also tweak rules around related party and connected persons under Section 29A of the code. Any person acting jointly with wilful defaulter (promoter) is called a connected person. Connected entities include holding firms as well as subsidiary and associate firms. In November, promoters were barred from presenting a resolution plan for their companies facing insolvency.

Source: dna March 19, 2018 23:48 UTC