https://www.taxtmi.com/news?id=19084 Ordinance introduces statutory ineligibility for certain persons to be resolution applicants-including willful defaulters, enduring non performing borrowers who have not cured dues, guarantors of distressed corporate debtors, and connected parties-and empowers resolution professionals to set eligibility criteria while requiring the Committee of Creditors to assess feasibility and viability of resolution plans before approval. It bars sale of assets to ineligible persons, expands the insolvency regulator's rule making powers related to these provisions, and creates a general monetary penalty for contraventions where none exists. en-us Thu, 23 Nov 2017 15:57:47 +0530 Thu, 23 Nov 2017 15:57:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=19084 Ordinance introduces statutory ineligibility for certain persons to be resolution applicants-including willful defaulters, enduring non performing borrowers who have not cured dues, guarantors of distressed corporate debtors, and connected parties-and empowers resolution professionals to set eligibility criteria while requiring the Committee of Creditors to assess feasibility and viability of resolution plans before approval. It bars sale of assets to ineligible persons, expands the insolvency regulator's rule making powers related to these provisions, and creates a general monetary penalty for contraventions where none exists. News - Thu, 23 Nov 2017 15:57:47 +0530 https://www.taxtmi.com/news?id=19084