IBBI notifies rules for bankruptcy probe


Post Date : 18/07/2017

The Insolvency and Bankruptcy Board of India (IBBI) has notified regulations for inspection and investigation of service providers registered with it. Under the Insolvency and Bankruptcy Code (IBC) implemented by IBBI, service providers are insolvency professional agencies, entities, professionals and information utilities.
The investigation authority has to serve a notice intimating the entity concerned about the probe at least 10 days in advance. However, this requirement can be done away with on grounds such as apprehensions that the records of the particular service provider might have been destroyed before the probe starts.
IBBI is the regulator for overseeing insolvency proceedings of service providers like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India. It was given statutory powers through the Insolvency and Bankruptcy Code. It functions under Ministry of Commerce. The Code provides for a market-determined and time-bound resolution of insolvency proceedings. It became operational in December 2016. It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms. It attempts to simplify the process of insolvency and bankruptcy proceedings and speed up the resolution process for stressed assets in the country.

Three Forest Research Institutes develop High-Yielding Varieties of Plant Species



Three institutes of Indian Council of Forestry Research and Education (ICFRE), Dehradun have develop.....Read More

Arunachal Pradesh Demands Separate Time Zone to increase Efficiency



Arunachal Pradesh chief minister Pema Khandu has demand for a separate time zone for the northeaster.....Read More


DMCA.com Protection Status

© 2016 -2017 HindustanResult.com All Rights Reserved