THE BILL TO amend the Insolvency and Bankruptcy Code (IBC), set to be presented in Parliament during the Budget session, may include provisions for the introduction of "group insolvency" norms, according to official sources.
To increase value maximization of assets, reduce the workload of National Company Law Tribunals (NCLTs), and improve cost efficiency, there is a need to formally codify group insolvency norms, they said.
Group insolvency refers to the process in which multiple companies under common management or ownership face insolvency issues simultaneously. For example, a default by one company in a group can trigger a cross-default affecting other companies within the same group.
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