IBBI seeks to strengthen due diligence on bidders' compliance with Section 29A

The Insolvency and Bankruptcy Board of India (IBBI) is enhancing the insolvency framework. Now, resolution professionals are required to submit comprehensive documentation on the eligibility of bidders as per Section 29A. This initiative intends to ensure that only qualified and reliable entities engage in the recovery process for distressed assets. The Committee of Creditors will carefully assess these submissions.