 "Insolvency and Bankrutcy code IBC")
The Insolvency and Bankruptcy Board of India (IBBI) has amended norms pertaining to insolvency resolution process for corporate persons and liquidation process.
The amendments specify the process for withdrawal of applications before constitution of Committee of Creditors (CoC) and other scenarios. The changes are also with regard to withdrawal of application after constitution of CoC but before issue of invitation for expression of interest, and after issue of invitation for expression of interest.
With the latest changes, CoC has to approve a plan providing for contribution for meeting the liquidation costs, recommend sale of the corporate debtor or sale of business of
