The government plans to put in place a fast-track resolution process for startups and small companies under the Insolvency and Bankruptcy Code.
Looking to provide a faster exit mechanism for certain class of entities, the Insolvency and Bankruptcy Board of India (IBBI) has come out with draft norms in this regard.
The proposal is to fast-track the insolvency resolution process for three classes of entities — startups, small companies and companies or Limited Liability Partnerships (LLPs).
Comments have been sought from the public till May 8 on the draft IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.
IBBI comes under the corporate affairs ministry. The draft regulations were prepared…
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