Authorities has invited feedback on proposed amendments in insolvency regulation
New Delhi:
Authorities on Thursday invited feedback on numerous amendments proposed to the insolvency regulation, together with to provisions associated to time interval for approval of decision plans in addition to avoidable transactions and wrongful buying and selling.
The amendments have been proposed by the Insolvency Regulation Committee (ILC). The feedback have been sought until January 13, 2022.
In line with a communication, adjustments have been proposed to allow a swift admission course of, streamline provisions pertaining to avoidable transactions and wrongful buying and selling and norms referring to time interval for approval of decision plans.
Moreover, amendments have been prompt in reference to closure of the voluntary liquidation course of and the IBC Fund.
The Insolvency and Chapter Code (IBC) got here into drive in 2016 and has already undergone numerous amendments.
The proposed amendments are for the Company Insolvency Decision and Liquidation Framework below the Code, which is being administered by the company affairs ministry.
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