Insolvency: Sajjan Jindal pitches for same eligibility norms

JSW Steel Chairman Sajjan Jindal today pitched for same bid eligibility criteria for companies interested in stressed assets undergoing the insolvency proceedings.
"Bid eligibility and evaluation criteria must be disclosed upfront and applied UNIFORMLY in all accounts," he tweeted.
He maintained that there can not be separate criteria for different companies.
"It's important as we cannot have different criteria for different companies," he added.
In another tweet, he said "Exemptions for scheme framed under the erstwhile SICA (Sick Industrial Companies Act) and approved by the BIFR (Board for Industrial and Financial Reconstruction) should be extended to the schemes under insolvency/bankruptcy court approved by #NCLT @arunjaitely @FinMinIndia @PMOIndia."

On Wednesday, Jindal had suggested that dubious promoters should not be allowed to submit rehabilitation plan under the insolvency law.
Last week, he had said trading in shares of the listed companies referred to the National Company Law Tribunal (NCLT) should be suspended to avoid market speculations.