Comments on proposed changes to reduce delays in the Corporate Insolvency Resolution Process
The research team has provided comments on Part 2 to Part 5 of Our team has provided comments on all four issues in the Paper. First, the team welcomes the step of accepting GSTR-1, GSTR-3 and e-way bills as evidence of default for operational debt whilst suggesting the need for a provision that would cater to other operational creditors which are not registered under GST…..
Comments on proposed changes to Corporate Insolvency Resolution and Liquidation Framework under the IBC, 2016
The research team has provided comments on Part 2 to Part 5 of the Discussion Paper. Firstly, in case of avoidance proceedings, the team has recommended a change to the amendment proposed for Section 47 of the IBC, keeping in mind the rights of the minority shareholders. With respect to the time period for approval of resolution plans, the team has argued that the same can act as a useful indicative time period…..
CIRP and Liquidation Discussion Paper Comments
Our Corporate Insolvency Resolution Process research team has provided comments on Issues 1 and 2 of the paper. First, the team argues in favour of a Code of Conduct to regulate the Committee of Creditors, whilst providing detailed comments about the manner of implementation and its potential contents. Second, with respect to the Swiss Challenge Mechanism under the IBC, the team has recommended that such mechanism must be provided statutory basis, along with setting an upper limit on the number of revisions in the request for a resolution plan.