Marking the start of a “new regime”, the Insolvency and Bankruptcy Code is all set to be operational from tomorrow while as many as 15 insolvency professionals have been registered under it.
Describing the Code as the next major reform undertaken by the government after GST (Goods and Services Tax), Corporate Affairs Secretary Tapan Ray today said that a “new regime would be coming in from tomorrow”.
The Insolvency and Bankruptcy Board of India (IBBI) has been set up under the Code that seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
As many as 15 insolvency prof…
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