New Delhi: At least 35 corporate insolvency resolution processes are going on under the Insolvency and Bankruptcy Code, which is providing entities the “freedom to exit”, IBBI Chairperson M S Sahoo said today.
The Code, which provides for market-determined and time- bound resolution process, is being implemented by the Insolvency and Bankruptcy Board of India (IBBI).
“At least 35 corporate insolvency resolution transactions are going on, which involve default of about Rs 4,000 crore in a case,” Sahoo said.
The Code, which came into effect from December 1, 2016, seeks to consolidate and amend laws relating to re- organisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound ma…
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