New Delhi, Nov. 20 -- The Insolvency and Bankruptcy Board of India (IBBI) has directed resolution professionals (RPs) to furnish detailed notes on bidders' compliance with Section 29A of the Insolvency and Bankruptcy Code (IBC) when resolution plans come up for consideration before the Committee of Creditors (CoC).

The move is aimed at strengthening due diligence and preventing ineligible or unscrupulous entities from participating in the insolvency process.

In a circular issued on November 18, the regulator emphasised that rigorous scrutiny of Section 29A requirements is essential to maintaining the integrity of the resolution framework.

"Due diligence with respect to section 29A compliance is paramount as it safeguards the integrity ...