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The Supreme Court has made Section 29(A) of bankruptcy code more logical and fair. This should help bidders.

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Regulation

The Supreme Court has made Section 29(A) of bankruptcy code more logical and fair. This should help bidders.

Following intense debate on this critical provision, the Supreme Court stepped in to clear the air on it. Here are the finer points explained.
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19 Feb 2019 6 Mins Read 0 comment
BCCL
Section 29A of the Insolvency and Bankruptcy Code has been in the news, for good and bad reasons, since the time it was enacted. There has been constant speculation in the market whether promoters of healthy companies such as JSW Steel and Reliance Industries may be held ineligible to bid under the code on account of ineligibility of their relatives
cannot be relied on to judge eligibility of another individual. This decision also signals India’s ongoing transition from a market dominated by family-run conglomerates to a market with companies run by professionals and individual promoters. Vedika Mittal Kumar is a senior resident fellow at Vidhi Centre for Legal Policy. The views expressed in this article are personal.
Section 29A of the Insolvency and Bankruptcy Code has been in the news, for good and bad reasons, since the time it was enacted. There has been constant speculation in the market whether promoters of healthy companies such as JSW Steel and Reliance Industries may be held ineligible to bid under the code on account of ineligibility of their relatives cannot be relied on to judge eligibility of another individual. This decision also signals India’s ongoing transition from a market dominated by family-run conglomerates to a market with companies run by professionals and individual promoters. Vedika Mittal Kumar is a senior resident fellow at Vidhi Centre for Legal Policy. The views expressed in this article are personal.

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