Updated: October 6, 2017 1:04 am
The entire IBC process is time-bound. On admission of the CIRP application by NCLT, a resolution professional is appointed for conducting the process and the proposed resolution plan is approved by a CoC.
The Insolvency and Bankruptcy Code 2016 (IBC) has been hailed as a landmark legislation by the government for revival of the Indian credit system that has been saddled with non-performing assets and with problems in recovery of dues from defaulting corporate debtors.
While the first insolvency resolution case in Synergies-Dooray Automative Ltd (SDAL), approved recently by the National Company Law Tribunal (NCLT), shows that IBC…
Read the full article at: http://indianexpress.com/article/business/banking-and-finance/sdal-insolvency-resolution-plan-post-nclt-order-eyes-on-tax-authorities-stance-on-scl-tax-arrangement-4876477/
