Latest news with #IBCCode
&w=3840&q=100)
Business Standard
3 days ago
- Business
- Business Standard
IBBI proposes mandatory recording of CoC bidder eligibility in CIRP
The IBBI has proposed making it mandatory for the committee of creditors (CoC) to formally record its deliberations on the eligibility of resolution applicants under Section 29A of the IBC Code aimed to enhance transparency in the corporate insolvency resolution process (CIRP). Section 29A of the Insolvency and Bankruptcy Code (IBC) lays down the ineligibility criteria for persons who can submit a resolution plan for a corporate debtor undergoing the insolvency process. Provisions under the section prevent certain individuals and entities from acquiring or taking control of a stressed company if they have a history of defaults, financial irregularities, or criminal activity. The proposed amendment to CIRP norms will require such discussions to be documented in meeting minutes, based on due-diligence reports, affidavits from applicants, and other information in the resolution plan, according to a release. The board said the move will improve transparency, reduce litigation and strengthen diligence in the resolution process. The second proposal in the paper relates to enhanced disclosures under Section 32A of the Code, which grants immunity to the corporate debtor and its assets from prosecution for offences committed before the insolvency process, provided there is a change in management to an eligible party. To ensure that ultimate beneficiaries are clearly identified, the Insolvency Bankruptcy Board of India (IBBI) has suggested mandating a statement of beneficial ownership in resolution plans, covering details of all natural persons with ultimate control, shareholding structures, and jurisdictions of intermediate entities. Resolution applicants also need to file an affidavit confirming their eligibility for Section 32A immunity. The insolvency regulator also seeks to extend the digitalisation of insolvency proceedings by mandating that invitations for and submissions of resolution plans be made exclusively through an IBBI-recognised electronic platform. The board said the success of a similar system for liquidation auctions, implemented from April 2025, along with recommendations from parliamentary committees and expert bodies, underlines the need for a secure, centralised submission system to improve confidentiality, fairness and efficiency. The IBBI has invited public comments on the proposals until August 27.
Time of India
3 days ago
- Business
- Time of India
IBBI proposes recording of CoC deliberations on eligibility of bidders in CIRP
The IBBI has proposed making it mandatory for the committee of creditors (CoC) to formally record its deliberations on the eligibility of resolution applicants under Section 29A of the IBC Code aimed to enhance transparency in the corporate insolvency resolution process (CIRP). Section 29A of the Insolvency and Bankruptcy Code (IBC) lays down the ineligibility criteria for persons who can submit a resolution plan for a corporate debtor undergoing the insolvency process. Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Provisions under the section prevent certain individuals and entities from acquiring or taking control of a stressed company if they have a history of defaults, financial irregularities, or criminal activity. The proposed amendment to CIRP norms will require such discussions to be documented in meeting minutes, based on due-diligence reports, affidavits from applicants, and other information in the resolution plan, according to a release. The board said the move will improve transparency, reduce litigation and strengthen diligence in the resolution process. Live Events The second proposal in the paper relates to enhanced disclosures under Section 32A of the Code, which grants immunity to the corporate debtor and its assets from prosecution for offences committed before the insolvency process, provided there is a change in management to an eligible party. To ensure that ultimate beneficiaries are clearly identified, the Insolvency Bankruptcy Board of India (IBBI) has suggested mandating a statement of beneficial ownership in resolution plans, covering details of all natural persons with ultimate control, shareholding structures, and jurisdictions of intermediate entities. Resolution applicants also need to file an affidavit confirming their eligibility for Section 32A immunity. The insolvency regulator also seeks to extend the digitalisation of insolvency proceedings by mandating that invitations for and submissions of resolution plans be made exclusively through an IBBI-recognised electronic platform. The board said the success of a similar system for liquidation auctions, implemented from April 2025, along with recommendations from parliamentary committees and expert bodies, underlines the need for a secure, centralised submission system to improve confidentiality, fairness and efficiency. The IBBI has invited public comments on the proposals until August 27.
Economic Times
3 days ago
- Business
- Economic Times
IBBI proposes recording of CoC deliberations on eligibility of bidders in CIRP
Synopsis The IBBI proposes mandatory documentation of CoC deliberations on resolution applicant eligibility under Section 29A of the IBC to enhance transparency. It also suggests enhanced disclosures under Section 32A, requiring a statement of beneficial ownership and an affidavit confirming eligibility for immunity. Furthermore, the IBBI seeks to digitalize insolvency proceedings by mandating electronic submission of resolution plans. iStock Image for representation The IBBI has proposed making it mandatory for the committee of creditors (CoC) to formally record its deliberations on the eligibility of resolution applicants under Section 29A of the IBC Code aimed to enhance transparency in the corporate insolvency resolution process (CIRP). Section 29A of the Insolvency and Bankruptcy Code (IBC) lays down the ineligibility criteria for persons who can submit a resolution plan for a corporate debtor undergoing the insolvency process. Provisions under the section prevent certain individuals and entities from acquiring or taking control of a stressed company if they have a history of defaults, financial irregularities, or criminal activity. The proposed amendment to CIRP norms will require such discussions to be documented in meeting minutes, based on due-diligence reports, affidavits from applicants, and other information in the resolution plan, according to a release. The board said the move will improve transparency, reduce litigation and strengthen diligence in the resolution process. The second proposal in the paper relates to enhanced disclosures under Section 32A of the Code, which grants immunity to the corporate debtor and its assets from prosecution for offences committed before the insolvency process, provided there is a change in management to an eligible party. To ensure that ultimate beneficiaries are clearly identified, the Insolvency Bankruptcy Board of India (IBBI) has suggested mandating a statement of beneficial ownership in resolution plans, covering details of all natural persons with ultimate control, shareholding structures, and jurisdictions of intermediate entities. Resolution applicants also need to file an affidavit confirming their eligibility for Section 32A immunity. The insolvency regulator also seeks to extend the digitalisation of insolvency proceedings by mandating that invitations for and submissions of resolution plans be made exclusively through an IBBI-recognised electronic platform. The board said the success of a similar system for liquidation auctions, implemented from April 2025, along with recommendations from parliamentary committees and expert bodies, underlines the need for a secure, centralised submission system to improve confidentiality, fairness and efficiency. The IBBI has invited public comments on the proposals until August 27.
News18
3 days ago
- Business
- News18
IBBI proposes recording of CoC deliberations on eligibility of bidders in CIRP
Last Updated: New Delhi, Aug 11 (PTI) The IBBI has proposed making it mandatory for the committee of creditors (CoC) to formally record its deliberations on the eligibility of resolution applicants under Section 29A of the IBC Code aimed to enhance transparency in the corporate insolvency resolution process (CIRP). Section 29A of the Insolvency and Bankruptcy Code (IBC) lays down the ineligibility criteria for persons who can submit a resolution plan for a corporate debtor undergoing the insolvency process. Provisions under the section prevent certain individuals and entities from acquiring or taking control of a stressed company if they have a history of defaults, financial irregularities, or criminal activity. The proposed amendment to CIRP norms will require such discussions to be documented in meeting minutes, based on due-diligence reports, affidavits from applicants, and other information in the resolution plan, according to a release. The board said the move will improve transparency, reduce litigation and strengthen diligence in the resolution process. The second proposal in the paper relates to enhanced disclosures under Section 32A of the Code, which grants immunity to the corporate debtor and its assets from prosecution for offences committed before the insolvency process, provided there is a change in management to an eligible party. To ensure that ultimate beneficiaries are clearly identified, the Insolvency Bankruptcy Board of India (IBBI) has suggested mandating a statement of beneficial ownership in resolution plans, covering details of all natural persons with ultimate control, shareholding structures, and jurisdictions of intermediate entities. Resolution applicants also need to file an affidavit confirming their eligibility for Section 32A immunity. The insolvency regulator also seeks to extend the digitalisation of insolvency proceedings by mandating that invitations for and submissions of resolution plans be made exclusively through an IBBI-recognised electronic platform. The board said the success of a similar system for liquidation auctions, implemented from April 2025, along with recommendations from parliamentary committees and expert bodies, underlines the need for a secure, centralised submission system to improve confidentiality, fairness and efficiency. The IBBI has invited public comments on the proposals until August 27. PTI HG TRB view comments First Published: August 11, 2025, 22:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Yahoo
02-04-2025
- Business
- Yahoo
MULTIMEDIA UPDATE – TuffWrap Special Ops Team is Mission-Ready Across North America
The tip of the spear in fighting dust, debris, and weather during construction HARLEYSVILLE, Pa., April 02, 2025 (GLOBE NEWSWIRE) -- In a release issued yesterday by TuffWrap Installations, Inc. ( the company is updating this release to include an updated video link and an additional photo. The updated release follows: TuffWrap Installations, Inc. ( the industry leader in innovative temporary containment solutions, proudly announces that its elite Special Ops Team is mission-ready across North America. As companies face growing challenges in maintaining clean and safe environments during re-roofing, renovations, and construction projects, TuffWrap's Special Ops Team stands as the first line of defense. Highly trained and certified, they specialize in safeguarding people, products, and property when maintaining production levels and preventing contamination is critical. Precision Protection: Anytime, Anywhere From coast to coast, the TuffWrap Special Ops Team is prepared to deploy at a moment's notice. Each mission begins before dawn as the team loads essential tools and materials with military-like precision, ensuring every project is executed flawlessly. Unlike many competitors, TuffWrap adheres to a strict 'no subcontractor' policy, guaranteeing consistent safety training and expert product knowledge in every installation. The Mission: Ensuring Clean, Safe Workspaces TuffWrap's Special Ops Team provides advanced temporary containment solutions to protect critical operations, no matter the industry or environment. From billion-dollar spacecraft facilities to high-production manufacturing plants, they ensure business continuity while construction is underway. Key Objectives: Protect people, products, and property from dust, debris, and weather. Provide precision-engineered temporary ceiling and wall containment solutions. Maintain operational integrity and prevent costly disruptions. Specialized Containment Solutions Every project requires a tailored approach. The Special Ops Team strategically selects and installs the most effective containment solutions to meet client needs, including: SmartSeam® Suspended Cover: Overhead ceiling protection to prevent dust and debris contamination. The only company in the industry with 100% IBC Code Compliance and FM Approval for installation beneath the fire sprinklers. C.O.R.E. Frameless Interior Walls: Flexible containment solutions requiring no structural modifications. EXT Exterior Walls: Durable barriers shielding workspaces from harsh weather conditions and external debris. Proven Experience & Reliable Execution With a track record spanning over 25 years, TuffWrap has completed more than 15,000 interior and exterior protection projects, installing an estimated 375 million square feet of protection. The company serves a diverse range of industries, including: Food & Beverage Aerospace Industrial & Commercial Manufacturing Automotive Pharmaceutical Retail Warehouse & Distribution Flexible & Trusted Execution TuffWrap's Special Ops Team offers flexible scheduling, including evenings, weekends, and off-hours, ensuring minimal disruption to business operations. With dedicated, experienced crews and a commitment to risk mitigation, the team consistently delivers reliable and safe containment solutions. Your Trusted Ally in Construction Containment For businesses seeking superior temporary containment solutions, TuffWrap's Special Ops Team is the go-to partner for both interior and exterior protection installations. About TuffWrap Installations, Inc. TuffWrap® Installations is the North American leader in innovative temporary dust, debris, and weather containment solutions. Their mission is to keep facilities operational while protecting people, products, and property from construction-related hazards. With expertise across multiple industries, TuffWrap helps businesses minimize risk and maintain productivity during critical projects. For more information, visit or call (800) 995-4556. Photo (attached): TuffWrap Special Ops Team with Shield & Special Ops Team Van Media Contact Only: Joanne EsplinFitzgerald Esplin Advertising 215-801-7676tuffwrap@ A photo accompanying this announcement is available at A video accompanying this announcement is available at in to access your portfolio
