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UK Sinha-headed working group to study Group insolvency
January 20 , 2019
2008 days
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- The Insolvency and Bankruptcy Board of India (IBBI) has set up a 11-member working group under the Chairmanship of former SEBI chief UK Sinha.
- The working group (7 members + 4 invitees) will study the concept of ‘Group Insolvency’ and suggest a suitable framework.
- At present, the Insolvency and Bankruptcy Code (IBC) provides for the resolution or liquidation of only individual stressed companies.
- So, a framework within the IBC is sought to be created for the resolution/liquidation of an entire stressed corporate group having several entities in multiple NCLT jurisdictions.
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