The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms. The process may be initiated by either the debtor or the creditors. A maximum time limit, for completion of the insolvency resolution process, has been set for corporates and individuals. For companies, the process will have to be completed in 180 days, which may be extended by 90 days, if a majority of the creditors agree.
As many as 40 corporate insolvency resolutions, under the Insolvency and Bankruptcy Code, have been completed, Union Minister P P Chaudhary said on Tuesday.
The Code, which provides for market-determined and time-bound resolution process, is being implemented by the Insolvency and Bankruptcy Board of India (IBBI).
"By December 2017, 40 transactions of corporate insolvency resolution process (CIRP) were completed," the Minister of State for Corp.
A eligible person can become an Insolvency Professional by passing the Limited Insolvency Examination having 10 years experience as: A Chartered Accountant enrolled as a member of the Institute of Chartered Accountants of India.
The Insolvency and Bankruptcy Code envisages early closure of the liquidation process so that the assets of the debtor are released for alternative use expeditiously.
Allowing the plea filed by the MCA, a two-member bench of the appellate tribunal said the NCLT's direction was "beyond the power" and amounted to "imposition of a new rule in a compelling fashion". The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order to implead t... Read More
External Commercial Borrowings (ECB) Policy – ECB facility for Resolution Applicants under Corporate Insolvency Resolution Process. Your web browser doesn't have a PDF pl... Read More
Empanelment of Insolvency Professionals (IPs) to be appointed as Administrator, remuneration and other incidental and connected matters under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. ... Read More
Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. Your web browser doesn't have a PDF plugin. Instead ... Read More
IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 24.01.2019). Your web browser doesn't have a PDF plugin. ... Read More
IBBI (Voluntary Liquidation Process) Regulations, 2017 (As on 15.01.2019). Your web browser doesn't have a PDF plugin. Instead you can ... Read More