The Insolvency and Bankruptcy Board of India (IBBI) is considering a proposal to expedite the resolution of smaller and less complicated cases, and those involving start-ups within 90 days.We are putting out a draft on this issue in a day or two, IBBI chairman MS Sahoo told FE. A final decision will be made in due course. The Insolvency and Bankruptcy Code, under which the IBBI was set up, provides for wrapping up the insolvency resolution process in 180 days from the date of the admission of an application for initiating the resolution process by the adjudicating authority. The IBBI came into force from December 1, 2016.
Faster resolution of small cases will encourage investments in start-ups, most of which dont survive long, as well…
Read the full article at: http://www.financialexpress.com/economy/good-news-for-start-ups-faster-insolvency-resolution-on-anvil/631744/
