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IBBI makes Key Amendments to Resolution Process

Published on April 21, 2022
Current Context: The Insolvency and Bankruptcy Board of India, has made some key amendments to expedite the resolution process.
IBBI makes Key Amendments to Resolution Process
  • It has been made mandatory for the Committee of Creditors (CoC), to share all the documents with the Insolvency resolution professionals (IRPs). This will help the CoC with better data to expedite the process.
  • GSTR-1 and GSTR-3B are to be mandatorily submitted to the IRPs, as filed by the concerned firm officials.
  • A threshold of 15 % difference should be provided in Liquidation Valuation reports for approaching a 3rd Valuer.
  • These amendments will further usher in the resolution process with improved accuracy and timely execution. IBBI is a body constituted under the Insolvency and Bankruptcy Code of India, 2016.

Question:

Q.1 What is the role of Insolvency Professionals during the resolution process?
a. To prepare a plan for bailing out a company by seeking investment from the Capital market
b. To undertake resolution of stressed assets, under the auspices of IBC 2016
c. To buy all shares of the stressed firm 
d. To make a proposal to EXIM Bank for resolution
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