IBBI Issues Guidelines for CoC to Maximize Corporate Debtor’s Asset Value Through Objective Decision-Making
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- By Chetan Kulasri
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- Last Updated on 8 August, 2024
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IBBI Guidelines; Dated: 06.08.2024
IBBI has issued guidelines for the Committee of Creditors. The guidelines would help resolve disputes under Code in a time-bound manner in the interest of maximising the value of the corporate debtor’s assets. As per the guidelines, a member of the CoC must maintain integrity in discharging their roles and functions under the Code and maintain objectivity during the decision-making process.
Further, a member of the CoC must disclose to the CoC/ Insolvency Professional the details of any existing or potential conflict of interest arising due to a pecuniary, personal, or professional relationship with any stakeholder immediately upon becoming aware of it.
A member of the CoC must keep updated with the provisions of the Code, rules, and regulations and the roles and responsibilities assigned thereunder. Also, a member of the CoC must participate actively, constructively, and effectively in the deliberations and decision-making of the CoC.
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