 "Insolvency process: Shut out dubious promoters, says Sajjan Jindal")
A day after regulations made it tougher for promoters to buy back their companies undergoing insolvency, JSW Group Chairman Sajjan Jindal urged authorities not to allow filing of company rehabilitation plans by dubious promoters, especially in order to prevent misuse of Insolvency and Bankruptcy Code.
“Dubious promoters should not be allowed to submit the rehabilitation plan to prevent misuse of the IBC. Also, the bidding criteria should be spelt out explicitly before inviting the bids. This will avoid likely litigation,” Jindal tweeted on Wednesday.
Jindal has been quite vocal recently over the ongoing process at National Company Law Tribunal (NCLT). Of
