Insolvency Regulation Committee, headed by company affairs secretary Rajesh Verma, has recommended measures together with introduction of timelines for approval or rejection of decision plans and use of digital databases for declare submission from collectors.
It has proposed to usher in new guidelines to make sure readability on avoidance transactions being instituted after the decision plan is carried out in its 66-page report submitted to the finance ministry final week.
As per the suggestions, the adjudicating authority will probably be required to approve a decision plan inside 30 days, failing which it must document causes for the delay in writing.
Additionally, to expedite the method of proving default and consequently keep away from delays in admission of functions, it has been proposed that sure monetary collectors must be mandated to submit information already authenticated by data utilities.