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ARTICLE · 22 NOVEMBER 2024

Strengthening Insolvency Outcomes: IBBI's New Framework For Resolution Plan Implementation

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The Insolvency and Bankruptcy Board of India (IBBI) has introduced the much needed proposal to enhance transparency and efficiency in implementing resolution plans...

IndiaInsolvency/Bankruptcy/Re-Structuring
Rahul Sundaram
Rahul Sundaram

The Insolvency and Bankruptcy Board of India (IBBI) has introduced the much needed proposal to enhance transparency and efficiency in implementing resolution plans under the Insolvency and Bankruptcy Code (IBC), 2016. In its latest discussion paper dated November 19, 2024, the IBBI emphasizes the mandatory constitution of monitoring committees, following recommendations by the Supreme Court.

Why Monitoring Committees? A Legal Nudge from the Supreme Court

In a landmark November 2024 judgment, the Supreme Court identified a critical gap in the IBC—the lack of statutory provisions for monitoring committees. The Court stressed the importance of establishing these committees to oversee the implementation of approved resolution plans.

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