Dhananjay Kumar and Hamraj Singh suggest ways to speed up insolvency resolution
The Insolvency and Bankruptcy Code, 2016 (IBC) emphasizes the importance of time-bound reorganization and resolution for distressed entities and it is touted as one of its defining features. The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP regulations) provide for a detailed milestone-based timeline for the process. The corporate insolvency resolution process (CIRP) is required to conclude within 180 days beginning from the insolvency commencement date and may be extended only once by the National Company Law Tribunal (NCLT) for up to 90 days. However, the 90-day extension has become a r…
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