Inconsistency between IBC and regulations – Financial Express

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  • Last Updated on 28 June, 2021
Ansh Bhargava & Rachit Sharma. Bhargava is Director and Sharma is DGM, Taxmann
 
The enactment of the Insolvency and Bankruptcy Code (IBC) has created a paradigm shift in the regulatory framework and processes governing corporate insolvency. The IBC has almost completed two years of enactment, and has seen multiple amendments through ordinances.
With the objective to bring more clarity in the process of resolution, the Insolvency and Bankruptcy Board of India (IBBI) recently came out with a third amendment to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate Persons) Regulations, 2016. The amended regulation provides model time-lines for completion of corporate insolvency proceedings. The regulations prescribe milestones that should be achieved by insolvency professionals (IPs) in specified time-lines so that complete proceedings are concluded within a timespan of 180 days.

 

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