MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI), the newly-established regulator to reorganise insolvency laws in the country, is working on guidelines for individuals who want to declare bankruptcy and will also allow voluntary liquidation by companies, chairperson Madhusudan Sahoo said in an exclusive interaction with ET.
The IBBI is the nodal agency for implementing the new bankruptcy law under The Insolvency and Bankruptcy Code, 2016, which consolidated and amended laws relating to insolvency of companies, partnership firms and also individuals in a time-bound manner. Laws providing for individual declaration of bankruptcy are currently state-specific, but have been seldom used because of the tedious process associated…
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