The Standing Committee on Finance’- MCA has issued a 32nd report titled ‘Implementation of IBC-pitfalls and solutions’ whereby it has recommended for a benchmark for the quantum of ‘haircut by Financial creditor to be comparable to global standards. The committee proposed establishment of ‘Institute of Resolution Professionals’ to oversee and regulate the functioning of RPs. It also proposed more transparency in the appointment of RPs by the Committee of Creditors, among others recommendations.
from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021481/key-highlights-of-report-of-‘standing-committee-on-finance-mca’-on-insolvency-and-bankruptcy-code.aspx
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