Formula on cards to distribute insolvency funds: Corporate Affairs Secy

The government will devise a formula for distribution of funds between financial and operational creditors after the approval of a resolution plan to resolve the ongoing dispute between the two parties, said Corporate Affairs Secretary Injeti Srinivas on Monday. It may look at increasing the minimum threshold set for triggering the insolvency process from the current level of Rs 1 lakh, according to an executive of a public sector bank (PSB) who was present at a review meeting chaired by Finance Minister Nirmala Sitharaman with PSBs on Monday. Srinivas said the “only problem&rdq.....

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INSOLVENCY AND BANKRUPTCY CODE

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