Math, asked by Maksud2901, 1 year ago

Do you know series of insolvency and bankruptcy

Answers

Answered by writersparadise
0

The Insolvency and Bankruptcy Code was brought  before the Lok Sabha in  December 2015 and given approval the following year in May 2016. The key features of this code are:


*Insolvency Resolution – There are separate insolvency resolution processes for partnership firms, companies, and individuals. This can be triggered by either creditors or debtors. However, the time for resolution varies for each category.


*Insolvency Regulator – The Insolvency and Bankruptcy Board of India has been established to keep a tab on the insolvency proceedings and regulation of the entities registered with the board.


*Insolvency Professionals – Licensed professionals are deployed to look into the insolvency process and control the debtor’s assets.


*Insolvency and Bankruptcy Adjudicator – There are two separate tribunals to look into the insolvency resolution process for companies and individuals.
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