The Insolvency and Bankruptcy Board of India (IBBI) appears to be in no mood to review amendments made in the bankruptcy code. The amendment made was done to prevent bull-headed defaulters from bidding for their own assets which are to be auctioned soon.
IBBI Chairman clutched to the changes made in bidding norms for stressed assets. He said there was a straight hazard involved in allowing far-fetched promoters to participate in bidding.
Prior to the forthcoming auction, the government has brought an ordinance to amend the bidding guidelines to blank wall cunning promoters or those whose loan accounts have been classified as non-performing asset (NPA) for than a year from bidding for their own assets.
Source: The Wire