The move helps when more than one investor’s proposal to bail out a distressed business is put to vote at the same time.
IBBI has also proposed to give more flexibility to creditors to come up with their claims after a company is admitted into bankruptcy proceedings. This would mean creditors who missed the 90-day window to submit their claims need not go to tribunals to secure an exemption.
In a discussion paper published on Wednesday, IBBI also proposed that the representative of home buyers sitting in committees of creditors of distressed real estate developers should have a greater role to play in making debt resolution a success.
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