https://www.taxtmi.com/news?id=20437 The Act amends the Insolvency and Bankruptcy Code to redefine key terms including corporate guarantor and an expanded related party definition, replaces "repayment" with "payment" in multiple provisions, and establishes authorised representatives for classes of financial creditors with prescribed rights, duties and voting instructions. It lowers qualified-majority thresholds for several committee and approval votes, requires written consents for appointment and replacement of resolution professionals, permits withdrawal of admitted applications only with ninety per cent. creditor approval, clarifies resolution applicant eligibility with exemptions for certain financial entities, and applies the Limitation Act to insolvency proceedings. en-us Sat, 18 Aug 2018 13:12:50 +0530 Sat, 18 Aug 2018 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=20437 The Act amends the Insolvency and Bankruptcy Code to redefine key terms including corporate guarantor and an expanded related party definition, replaces "repayment" with "payment" in multiple provisions, and establishes authorised representatives for classes of financial creditors with prescribed rights, duties and voting instructions. It lowers qualified-majority thresholds for several committee and approval votes, requires written consents for appointment and replacement of resolution professionals, permits withdrawal of admitted applications only with ninety per cent. creditor approval, clarifies resolution applicant eligibility with exemptions for certain financial entities, and applies the Limitation Act to insolvency proceedings. News - Sat, 18 Aug 2018 13:12:50 +0530 https://www.taxtmi.com/news?id=20437