https://www.taxtmi.com/news?id=21753 The Bill permits comprehensive corporate restructuring within resolution plans, emphasizes time bound disposal and sets an overall outer limit for completion of the corporate insolvency resolution process. It clarifies a voting mechanism for financial creditors, allows commercial considerations in distribution proposals by the Committee of Creditors, and requires that dissenting financial creditors and operational creditors receive at least the higher of amounts under plan distribution or liquidation distribution, with retrospective effect where plans have not attained finality. Resolution plans are made binding on all stakeholders including government authorities, and the Committee may decide liquidation after its constitution and before the information memorandum is prepared. en-us Thu, 18 Jul 2019 15:52:57 +0530 Thu, 18 Jul 2019 15:52:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=21753 The Bill permits comprehensive corporate restructuring within resolution plans, emphasizes time bound disposal and sets an overall outer limit for completion of the corporate insolvency resolution process. It clarifies a voting mechanism for financial creditors, allows commercial considerations in distribution proposals by the Committee of Creditors, and requires that dissenting financial creditors and operational creditors receive at least the higher of amounts under plan distribution or liquidation distribution, with retrospective effect where plans have not attained finality. Resolution plans are made binding on all stakeholders including government authorities, and the Committee may decide liquidation after its constitution and before the information memorandum is prepared. News - Thu, 18 Jul 2019 15:52:57 +0530 https://www.taxtmi.com/news?id=21753