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.