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VIDEO · 02 JUNE 2023

IBC - The Way Forward And The Need For Prioritizing Resolution Over Admission (Video)

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India's Ministry of Corporate Affairs recently released a Discussion Paper inviting public comments on proposed changes to the Insolvency and Bankruptcy Code, 2016.

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
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Summary-

India's Ministry of Corporate Affairs recently released a Discussion Paper inviting public comments on proposed changes to the Insolvency and Bankruptcy Code, 2016 (IBC). The paper is quite comprehensive in terms of the scope of proposed changes such as separating the resolution plan from the distribution of proceeds; pooling assets of borrowers and guarantors; collectively resolving interconnected entities; addressing abstentions during voting by proposing a mechanism for 'present and voting'; etc.

The Discussion Paper emphasizes the importance of effectively implementing individual insolvency cases and streamlining the liquidation process, including quicker dissolution and eliminating duplication of activities. The paper lays great emphasis on the admission of companies into insolvency and how that process needs to be expedited. In line with this, the NCLTs have also prioritized listing of admission cases by directing that such cases must be at the

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