Putting a mechanism in place for ‘the ease of exiting business’ in India, the Ministry of Corporate Affairs today said in Parliament it has laid the ground rules for winding up business for failed ventures, sparing the stakeholders years of mounting losses because of depreciation of assets and a litany of labour disputes.
The Insolvency and Bankruptcy Board of India (IBBI) of the Ministry notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 and set out a 90-day limit to sort out non-performing assets (NPAs), stressed assets and bad loans.
The Indian government had passed the insolvency and bankruptcy bill last year, s…
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