Insolvency Regulator Says Distressed Assets Cannot Be Handed Over To ‘Undesirable’ Persons

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The intent of the insolvency law is maximisation of value of assets of corporate debtors and so, such assets have to handed over to a trust-worthy person, MS Sahoo, chairman of Insolvency and Bankruptcy Board of India told BloombergQuint in an interview. Sahoo was responding to a question regarding the intent of recent amendments to the insolvency regulations.

Sahoo also shared his thoughts on...

  • whether the amendments will prove to be onerous for resolution professionals
  • if there are any ongoing discussions with the tax department on exempting distressed companies
  • whether the regulator intends to take up with SEBI the issue of halting trading in companies facing insolvency proceedings
  • and the applicability of the Limitation Act on the Insolvency and Bankruptcy Code


Here is the full interview.

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