UK Sinha-led panel's plan for phased roll-out of group insolvency norms

UK Sinha-led committee recommends coordination in domestic companies of a group in the first phase

For better synchronisation of different insolvent companies that are part of a corporate group, former Securities and Exchange Board of India (Sebi) chairman UK Sinha-led working committee has suggested that there is a need for a comprehensive regulatory framework to facilitate the insolvency resolution and liquidation of companies in a group. 

But, the working group is of the opinion that the framework for group insolvency in India should be introduced in a phased manner. Also, the working group has suggested that the framework should be enabling and relevant stakeholders of the corporate debtor may opt to use the framework voluntarily,