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IBBI Amends Regulation

Published on September 20, 2022
Current Context: With the objective to maximize value in resolution, the Insolvency and Bankruptcy Board of India (IBBI) amended the regulations.
IBBI Amends Regulation
  • According to the IBBI, amendments in the regulation will provide a better market-linked solution for stressed companies.
  • The changes will also help creditors fetch better value for the distressed assets.
  • With the new amendments, the Committee of Creditors (CoC) will now have the power to examine whether or not a compromise or an arrangement can be explored for a corporate debtor during the liquidation period.
  • One of the amendments by the IBBI will ensure that the splitting of bankrupt companies will attract more participants into the resolution process.
  • IBBI, for the first time, set a minimum fixed fee for resolution professionals between Rs. 1 lakh and Rs. 5 lakh per month.
  • IBBI is responsible for overseeing insolvency proceedings in India and was founded in 2016 under the Insolvency and Bankruptcy Code, 2016 (Code) with its headquarters in New Delhi. Its current Chairperson is Ravi Mittal.

Question:

Q.1 Recently amendments in the regulation for providing a better market-linked solution for stressed companies were done by?
a. RBI
b. SEBI
c. NCLT
d. IBBI
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