Govt clarifies not all insolvency rebids may be prospective cases

If these are similar to earlier ones, these would be taken as retrospective cases

The expected relaxation in bidder norms under the Insolvency and Bankruptcy Code (IBC) could apply to rebids in existing cases, depending on the structure and format of those bids, the government clarified on Wednesday. 

Also, the threshold to initiate individual bankruptcy cases could be raised from Rs 1,000 to Rs 10,000, under a proposed framework to be announced shortly. Corporate Affairs Secretary Injeti Srinivas told reporters that if structure and formats of bids in corporate insolvency were different from earlier ones, it would be taken as a prospective case. “If the format has changed, it is not the same bid,” he