Group insolvency rule-making enables coordinated proceedings, common benches, shared professionals, and binding coordination agreements. Power is conferred on the Central Government to prescribe the manner and conditions for conducting insolvency proceedings under Part II where proceedings are initiated against two or more corporate debtors forming part of a group. The rules may provide for a common Bench, transfer of pending proceedings, coordination among committees of creditors and insolvency professionals, a common insolvency professional, a committee of creditors of the group, binding coordination agreements, and treatment of coordination costs. The section also defines control, group, insolvency proceedings, and significant ownership, and requires draft and notified rules to be laid before Parliament.
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Provisions expressly mentioned in the judgment/order text.
Group insolvency rule-making enables coordinated proceedings, common benches, shared professionals, and binding coordination agreements.
Power is conferred on the Central Government to prescribe the manner and conditions for conducting insolvency proceedings under Part II where proceedings are initiated against two or more corporate debtors forming part of a group. The rules may provide for a common Bench, transfer of pending proceedings, coordination among committees of creditors and insolvency professionals, a common insolvency professional, a committee of creditors of the group, binding coordination agreements, and treatment of coordination costs. The section also defines control, group, insolvency proceedings, and significant ownership, and requires draft and notified rules to be laid before Parliament.
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