NEW DELHI: 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 prep…
Read the full article at: http://economictimes.indiatimes.com/small-biz/startups/government-proposes-to-fast-track-insolvency-resolution-for-startups/articleshow/58325347.cms
