Moneycontrol: Section 29A of IBC may be tweaked to allow bids from promoters, connected person

21 January 2019: The government may tweak Section 29A of the Insolvency & Bankruptcy Code (IBC) to expedite resolution cases to also ensure that banks recover much of the amount lent as possible.

The changes will include a relaxation in the ‘connected person’ criteria. The government may also look into demands to let promoters of defaulting companies bid for the assets, but with riders.

“It is going to be amended and there will be some dilution in Section 29A. The changes could come in before General Elections in April and May,” an executive told Moneycontrol.

Categories: General News

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