Soumitra Majumdar, Partner at JSA – Insolvency & Bankruptcy Board of India amends the Insolvency & Bankruptcy Board of India
Please find below a quote by Soumitra Majumdar, Partner, JSA (leading national law firm) on Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2016. Request you to please carry the quote in your story. Please do let us know if you would like to speak to any of our Partner basis this quote. Will be happy to assist you.
“The recent amendments to the CIRP Regulations reinforce the executive committee to make the process efficient, certain, and expeditious. The obligation on the IRP to proactively send communications to all creditors as per the books of account of the corporate debtor becomes critical in light of the recent SC order in the Rainbow Papers matter and should also mitigate last-minute surprises/ litigations on account of delayed claims. Time-bound filing of avoidance applications and disclosure of the same to potential resolution applicants should also help in proper allocation of avoidance transaction recoveries, which assumes significance in light of the evolving jurisprudence in this regard. The most significant change brought about by these amendments is the ability to design resolution plans for specific assets. In addition to real estate companies, this will significantly help financial services companies, EPC companies, and those with a varied asset base across different geographies. Ability to slice the asset (including those in the form of claims/ receivables) profiles will attract right category of applicants, with a potential for better and quicker value maximization for the stakeholders” Soumitra Majumdar, Partner at JSA