Under the Insolvency and Bankruptcy Code (IBC), a company has to be liquidated if it fails to complete the insolvency resolution process within 270 days of its admission to the bankruptcy court.While Jyoti Structures, one of the 11 companies referred to the National Company Law Tribunal (NCLT) last year, has already overstepped its liquidation deadline, a few others on the list have close to two weeks before they would need to be mandatorily liquidated.
Under the Insolvency and Bankruptcy Code (IBC), a company has to be liquidated if it fails to complete the insolvency resolution process within 270 days of its admission to the bankruptcy court.
For instance, Alok Industries and Monnet Ispat with debts of `23,443 crore an…
Read the full article at: http://www.financialexpress.com/industry/liquidation-deadline-looms-for-11-firms-referred-to-nclt/1120508/
