Stressed asset buyers may get relief from competition law, MAT

Govt-appointed committee planning to recommend amendments to bankruptcy code to make this happen

stressed assets
Illustration: Ajay Mohanty

Buyers of stressed assets might soon get an exemption from paying the minimum alternate tax (MAT), and the need for getting approval from fair-trade watchdog the Competition Commission of India (CCI). A government-appointed committee is planning to recommend amendments to the Insolvency and Bankruptcy Code (IBC) to make this happen. This is being done keeping in mind the urgency of these transactions, and it would help the ongoing insolvency cases, including the 12 accounts referred by the Reserve Bank of India (RBI) to banks. These accounts include Monnet Ispat, Essar Steel, ...