The corporate insolvency and bankruptcy system would be fully functional by 31 March 2017, says MS Sahoo, chairman of the bankruptcy regulator, Insolvency and Bankruptcy Board of India.
Though the system has started working from 1 December 2016, there are still some parts — finalising regulations of information utilities and voluntary liquidations — which are yet to be completed and the board expect to put these things in place by 31 March.
“From 1 December (2016), this process (filing of corporate insolvency cases) has started and NCLT has admitted around 10 such applications by now. That means transactions have started as far as corporate insolvency is concerned. But corporate insolvency and liquidation require another element, which …
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