The Insolvency and Bankruptcy Board plans to fast-track the resolution process for “smaller cases”, including for startups, and complete them within 90 days.
The Board has been set up under the Insolvency and Bankruptcy Code, which came into force from December 1, 2016.
While a final decision is yet to be taken, the Insolvency and Bankruptcy Board of India (IBBI) is looking at the possibility of fast-tracking resolution process for smaller cases and those having less complications.
An idea is being discussed wherein smaller cases could have slightly different procedures in terms of insolvency resolution. There could be differential treatment in terms of time, IBBI Chairman M S Sahoo said.
“Fast-track is a process which ha…
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