Published:June 17, 2017 3:03 am
The Insolvency and Bankruptcy Board of India (IBBI) has notified provisions to expedite the resolution process of default cases of small companies and start-ups within 90 days, according to an official statement. Currently, the Insolvency and Bankruptcy Code (IBC), under which the IBBI was set up, provides for wrapping up the resolution process in 180 days from the date of the admission of an application by the adjudicating authority. However, the Fast Track Insolvency Resolution Process for Corporate Persons Regulations, 2017, also states that the adjudicating authority may, if satisfied, exten…
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