Focus on resolution, not liquidation in insolvency proceedings, says IBBI Chairperson
Updated : June 14, 2018 10:53 AM IST
Speaking on the latest Ordinance promulgated on June 6, the IBBI chief said with a view to encouraging resolution as opposed to liquidation, the voting threshold has been brought down to 66 percent from 75 percent for all major decisions such as approval of resolution plan, extension of CIRP period, etc.
In order to protect the sanctity of the CIRP, the Ordinance lays down a strict procedure if an applicant wants to withdraw a case after its admission under IBC 2016.
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