Detailed liquidation rules in the works to save viable firms: IBBI chairman

During the Oct-Dec quarter of 2018, 78 Corporate CIRPs ended in liquidation, taking the total number to 302

A detailed framework for sale of a corporate debtor as going concern and sale of business of a corporate debtor as going concern is being worked out. Going concern principle is the assumption that an entity will remain in business for the foreseeable future after a resolution.

“We will make all efforts to save a viable company. For instance, if a company is actually viable but a wrong decision has been made, it will be given another opportunity rectify the mistake,” said M S Sahoo, chairperson of the Insolvency and Bankruptcy Board of India. “It will be an addition to the