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Express News Service NEW DELHI:  The government is looking to relax norms for promoters buying back companies that have gone bankrupt if the default has happened due to factors induced by last year’s nationwide lockdown.  “The government has been strict about promoters buying back companies. However, the last year was an extraordinary situation and we are considering a proposal which will allow promoters to buy back their companies if the bankruptcy is triggered by Covid. The fine print of the proposal is being discussed currently,” a senior official from the Ministry of Corporate Affairs said.    According to an amendment made in the Insolvency and Bankruptcy Code (IBC) on January 6, 2020, a defaulting promoter is not eligible to submit a resolution plan for their bankrupt company and shall not be a party to any compromise or arrangement of the company. A secured creditor cannot sell or transfer an asset to the promoters either. This was done to prevent promoter-driven

Anuradha shuklaMinistry of corporate affairsNews serviceCorporate affairsBankruptcy codeஅனுராதா சுக்லாஅமைச்சகம் ஆஃப் பெருநிறுவன வாழ்க்கைத்தொழில்கள்செய்தி சேவைபெருநிறுவன வாழ்க்கைத்தொழில்கள்திவால்நிலை குறியீடு