IBBI suggests monitoring panel to oversee resolution plan
Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to the Insolvency Resolution Process for Corporate Persons Regulations, 2016 and to make it mandatory to form monitoring committees to oversee implementation of resolution plans under the bankruptcy code.
While the current framework under Regulation 38 of the CIRP Regulations provides certain basic recognition to monitoring committees, the proposed amendments aim to make their constitution mandatory for implementation of all resolution plans, the bankruptcy regulator said in a discussion paper.
The proposed framework will empower the Committee of Creditors (CoC) to take final decisions on the constitution, composition, and functioning period of the monitoring committee, as part of the resolution plan.
«The CoC shall retain the flexibility to decide for the constitution of monitoring committee with lesser period if the resolution plan provides for substantial implementation during such tenure with recorded reasons,» it said.
Stakeholders can submit their comments until December 9.
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