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Resolution professional doesn’t require nod of shareholders/members for insolvency resolution
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....esolution professional doesn’t require nod of shareholders/members for insolvency resolution <br>News and Press Release<br>Dated:- 14-3-2018<br><BR>Ministry vide its circular no. IBC/01/2017 dated 2....
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....5.10.2017 clarified that Section 30 and 31 of the Code provide a detailed procedure from the time of receipt of resolution plan by the resolution professional to its approval by the Adjudicating Autho....
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....rity and there is no requirement for obtaining approval of shareholders/members of the corporate debtor during this process. This was stated by Shri P.P. Chaudhary, Minister of State for Corporate an....
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....d Law & Justice in Rajya Sabha . Further, Insolvency and Bankruptcy Board of India (IBBI) also amended IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 so as to ensure tha....
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....t a resolution process ends up with a credible resolution plan which maximises the value of assets of the corporate debtor. The Government promulgated The Insolvency and Bankruptcy Code (Amendment) O....
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....rdinance, 2017 on 23.11.2017 to amend Insolvency and Bankruptcy Code, 2016 (the 'Code') in order to further strengthen the insolvency resolution process by prohibiting certain persons from submitting ....
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....a resolution plan who, on account of their antecedents, may adversely impact the credibility of the processes under the Code. The Ordinance was replaced by The Insolvency and Bankruptcy Code (Amendmen....
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....t) Act, 2018 on 18.01.2018.<BR> News - Press release - PIB....