IBBI Proposes to Introduce Requirement for Prospective Bidders to Deposit Earnest Money to Ensure Confidentiality
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- By Chetan Kulasri
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- Last Updated on 3 November, 2023
Latest from Taxmann
IBBI’s discussion paper on ‘Strengthening the Liquidation Process’, Dated: 20.10.2023
The IBBI has released a discussion paper to strengthen the regulatory framework of the liquidation process in terms of certain matters related to sale, accountability of liquidators etc. To ensure the confidentiality of the names of participating prospective bidders, IBBI has proposed the manner in which earnest money is to be deposited by prospective bidders. Also, the liquidator must within 3 days of the declaration of the H1 (Highest) bidder conduct due diligence & verification of the eligibility.
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