News & Media 10th Nov 2023

IBBI Proposes Reforms For Efficient Corporate Resolution: All You Need To Know

Authors

Mukesh Chand Senior Counsel | Mumbai

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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.

Click here for the article