With a dozen big-ticket insolvency resolution cases nearing the end of the moratorium of 180 days, questions are being raised on whether the existing promoters should be allowed to bid for their own assets. The government has come up with amendments in the Insolvency and Bankruptcy Code (IBC) to state that credentials of the resolution application need to be mentioned at the time of submission of the bids. What this essentially means is promoters that have been declared wilful defaulters or have been found to have diverted funds following a forensic audit, will not be allowed to ...
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First Published: Sun, November 12 2017. 22:50 IST
