Insolvency regulator IBBI has come out with a model timeline for the corporate insolvency resolution process (CIRP).
The timeline has been spelt out assuming that the interim resolution professional (IRP) is appointed on the date of commencement of the process and the time available is 180 days, the Insolvency and Bankruptcy Board of India (IBBI) has said..
The existing CIRP regulations have also been amended to provide that wherever the corporate debtor has classes of creditors having at least 10 creditors in the class, the interim resolution professional shall offer a choice of three insolvency professionals in the public announcement to act as the authorised representative of creditors in each class.
A creditor in a class may indicate …
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