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IBBI allows RPs to invite resolution plans for individual asset sales
In a move aimed at resolving insolvencies of large corporate debtors and conglomerates, the Insolvency and Bankruptcy Board of India (IBBI) has allowed resolution professionals to invite resolution plans not only for the company as a whole but also for the sale of one or more of its assets.
The latest amendments to the IBBI regulations for the insolvency of corporate debtors state: 'The resolution professional may, with the approval of the committee, invite expression of interest for submission of resolution plans for the corporate debtor as a whole, or for sale of one or more of the assets of the corporate debtor, or for both.'
The IBBI notification dated 26 May also provides that the committee of creditors may direct the resolution professional to invite providers of interim finance to attend as observers, though without voting rights.
'These changes were necessary to address inefficiencies, improve transparency, and protect creditor interests amid evolving economic challenges, as the previous framework struggled with delays and inequitable outcomes. Now, the process should become more flexible and creditor friendly,' said Sonam Chandwani, managing partner, KS Legal & Associates.
The Ministry of Corporate Affairs is also expected to introduce an IBC amendment Bill in the upcoming monsoon session of Parliament.
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It is pertinent to note that the EPFO has made e-nomination compulsory, and failure to complete the same often results in the portal disallowing the submission of the claim altogether.
