 "IBC, Insolvency law")
The government is mulling making official liquidators (OLs) relevant in the insolvency and bankruptcy process, since they have now become redundant. A senior official from the Ministry of Corporate Affairs said OLs might be asked to become resolution professionals in big insolvency cases.
“They have the experience of handling liquidation, including the big ones, so they should be allowed to handle big ticket IBC cases. The official liquidators can be entrusted with such cases as the code evolves,” the official said. In the pre-insolvency and bankruptcy code (IBC), OLs were engaged in the winding up process of companies, which is
