 "Insolvency and Bankruptcy Code, IBC, Indian banks, Lenders, Banking sector")
The insolvency regulator has amended rules to prevent low bidding for stressed assets being restructured through the National Company Law Tribunal (NCLT). Through a notification, the Insolvency and Bankruptcy Board of India also virtually shortened the period for resolution professionals to present a resolution plan to NCLT from the present 270 days to 255 days.
To prevent low bids, the regulator said two valuers will determine the liquidation value and the fair value of a company being restructured.
Earlier, in one of the resolution cases, it was found that the valuation done by the valuer was incorrect. As a result, the resolution
