The Insolvency and Bankruptcy Board of India (IBBI) has directed resolution professionals to promptly upload judicial orders on a designated portal, ensuring the timely availability of important rulings to stakeholders in ongoing bankruptcy cases. This initiative aims to enhance transparency, efficiency, and informed decision-making within the bankruptcy ecosystem. The uploaded orders will include those related to the admission of bankruptcy petitions, approval of corporate rescue plans, liquidation orders, and significant high court and Supreme Court decisions. Additionally, orders concerning the interpretation of law, the scope of authority of relevant codes, and the application of the bankruptcy code must also be uploaded. This move aligns with the government’s efforts to establish a technology platform connecting all players in the distressed assets market, fostering information flow and informed decision-making. The IBBI’s mandate will enable resolution professionals to upload tribunal orders on the closure or withdrawal of bankruptcy proceedings, settlements, stay orders, and final orders on fraudulent and wrongful trading. Resolution professionals must ensure that the uploaded orders are published on the official websites of the respective forums. This initiative is expected to make the bankruptcy process more accessible for all stakeholders, leading to improved outcomes in debt resolution.
Resolution Professionals Ordered to Swiftly Upload Judicial Orders for Enhanced Bankruptcy Process Transparency
