News & Media 10th Nov 2023
BQ Prime has published an article on key changes proposed by the IBBI to streamline the corporate resolution process. Reforms include:
– Approval of CoC for insolvency resolution process cost
– Monthly CoC meetings
– Discussion of valuation methodology and report with CoC
– Disclosure of fair value in the Information Memorandum
– Continuation of process activities, pending disposal of extension application by the Adjudicating Authority
– Clarity in minimum entitlement to dissenting financial creditors
Several legal experts have been quoted on this article on their reactions/opinions on this move by IBBI.
ELP’s Mukesh Chand’s views have also been sought where he stresses on the importance of faster disposal of cases by NCLT.