Published:October 12, 2016 1:20 am
To put the recently enacted Insolvency and Bankruptcy Code into practice, the government on Tuesday unveiled three sets of draft rules specifying how to make an application to the adjudicating authority, the insolvency resolution process for corporate persons and liquidation of insolvent corporate persons. The rules have been issued by the Ministry of Corporate Affairs seeking public comments by October 31. The government has already constituted the Insolvency and Bankruptcy Board of India. Chaired by MS Sahoo, the Board held its first meeting last Friday.
Notified by the government in May, the bankr…
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