Some promoters escape tight insolvency norms Promoters of at least four small companies managed to pass their resolution plans before New Delhi tweaked the bankruptcy code, limiting the ability of erstwhile defaulting owners from buying back their assets at the conclusion of time-bound recovery proceedings Synergies-Dooray, Chhaparia Industries, Sree Metaliks, and the West Bengal Essential Commodities Supply Corporation have all presented successful resolution plans approved by respective chapters of the National Company Law Tribunal (NCLT). “The ordinance is not retrospective,” said Sandeep Parekh, founder of Finsec Law Advisors. “Those companies were fortunate enough to go through successful resolution plans under the code, but without the new amendments. The outcome could have been different under the latest ordinance subject to promoters’ eligibility.” In absence of adequate bidders, promoters have mostly regained control in all those companies where they were resolution