The Insolvency and Bankruptcy Board of India (IBBI) has sought comments on contents of Request for Proposal (RFP) document for applicants to bid for business insolvency resolution process.
RFP, here means an invitation for resolution plans from prospective resolution applicants who wish to bid for business of a corporate debtor going through Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016.
A healthy participation of market players in the resolution process requires that RFP provides relevant information, excluding those proscribed by the law, to help market participants make informed bids, the corporate affairs ministry said in a statement.
Also, RFP should clearly articulate the process, evaluation criteria, and timelines to bring transparency and efficiency to the process.
"To further this, objective and facilitate a transparent and standard process for invitation and evaluation of resolution plans, IBBI is inviting comments from its stakeholders on the contents of the RFP for such resolution plans," it said.
Stakeholders can give their comments by March 9.
IBBI was set up in October 2016 under the Insolvency and Bankruptcy Code, 2016 (Code).
It regulates a profession as well as transactions. It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies and Information Utilities.
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