CIRP and Liquidation Discussion Paper Comments
It gives us immense pleasure to announce that CIFL – Centre for Insolvency and Financial Laws, Maharashtra National Law University Mumbai has submitted its comments on the Corporate Insolvency Resolution Process and Liquidation Discussion Papers [released on August 27, 2021] to the Insolvency and Bankruptcy Board of India.
Our research team for the Corporate Insolvency Resolution Process Discussion Paper consisted of Diya Dutta, Parina Muchhala and Monika Saini. Shiv Kumar Sharma, Sriram Prasad, Ishaan Wakhloo, Renuka Nevgi and Shubham Dhamnaskar were members of the research team for the Liquidation Discussion Paper. Both teams were under the able guidance of our Centre Coordinator Mr. Raghav Pandey.
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.
With respect to the Liquidation Discussion Paper, our team has argued that the proposed regulatory changes must be in consonance with the current statutory framework. Comments have been made with the underlying idea that autonomy of the Liquidator’s office should be respected whilst making simultaneous efforts to ensure that the entire process is more transparent and inclusive.
This initiative is in furtherance of our aim to contribute to substantive discourse in the field of insolvency law by conducting high-quality research to assist policymakers.
In furtherance of our comments submitted to Insolvency and Bankruptcy Board of India on CRIP and Liquidation discussion on 17 September 2021, we have prepared two PPTs for our readers. These PPTs are summaries of our recommendations.