The Insolvency and Bankruptcy Board of India issues a circular to insolvency professionals, directing stricter due diligence on eligibility of resolution applicants under Section 29A of the Insolvency and Bankruptcy Code, 2016. It reiterates existing obligations: inclusion of Section 29A ineligibility criteria in Form G, undertakings and affidavits from prospective resolution applicants confirming eligibility, and due diligence and certification by the resolution professional. Emphasizing that Section 29A compliance is essential to maintain process integrity and reduce post-approval legal challenges, the circular mandates resolution professionals to place a detailed note on Section 29A compliance before the Committee of Creditors and to ensure that related deliberations and observations are fully recorded in the minutes.
The Insolvency and Bankruptcy Board of India issues a circular to insolvency professionals, directing stricter due diligence on eligibility of resolution applicants under Section 29A of the Insolvency and Bankruptcy Code, 2016. It reiterates existing obligations: inclusion of Section 29A ineligibility criteria in Form G, undertakings and affidavits from prospective resolution applicants confirming eligibility, and due diligence and certification by the resolution professional. Emphasizing that Section 29A compliance is essential to maintain process integrity and reduce post-approval legal challenges, the circular mandates resolution professionals to place a detailed note on Section 29A compliance before the Committee of Creditors and to ensure that related deliberations and observations are fully recorded in the minutes.
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