The government has notified the final regulations related to the insolvency resolution process under the Insolvency and Bankruptcy Code 2016.
With the notification issued on Wednesday, the Insolvency and Bankruptcy Board (IBBI) became operational on Thursday.
The IBBI, chaired by M.S. Sahoo, will act as the regulator of an ecosystem including insolvency professionals, agencies, and information utilities. The 10-member board, which, at present, has four ex-officio members, will soon appoint five more members, of which three will be full-time.
The corporate insolvency resolution process (CIRP) regulations notified on Wednesday are part of the rules notified to implement the bankruptcy code and in the process improve the ease …
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