ALSO READIBBI amends norms for insolvency resolution process NCLT initiates Corporate Insolvency Resolution Process for IVRCL IBBI seeks public comments on draft norms for regulation-making process NCLT orders liquidation proceedings against debt-ridden Gujarat NRE IBC objective to find solution for stressed assets: NCLT
There is no reduction in submission of resolution plans after enactment of The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017. 8 (Eight) resolution plans have been approved by National Company Law Tribunal (NCLT) after coming into effect of Ordinance as compared to 5 (Five) resolution plans approved earlier.
The said Ordinance was promulgated on 23.11.2017 to amend Insolvency and Bankruptcy Code, 2016 (Code) in order to further strengthen the insolvency resolution process by prohibiting certain persons from submitting a resolution plan who, on account of their antecedents, may adversely impact the credibility of the processes under the Code and further to make provisions to specify certain additional requirements for submission and consideration of the resolution plan before its approval by committee of creditors.
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