New Delhi: The government plans to put in place a fasttrack resolution process for start-ups 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 fasttrack the insolvency resolution process for three classes of entities start-ups, small companies and companies or limited liability partnerships (LLPs).
Comments have been sought from the public till 8 May on the draft IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. IBBI comes under the corporate affairs ministry.
The draft regulations wer…
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