IBBI seeks to smoothen insolvency processes for real estate projects thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
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The insolvency resolution process in India has in the past
elaborated the simultaneous operation of several statutory
instruments. This includes the Sick Industrial Companies Act, 1985,
the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest, 2002, the Recovery of Debt Due to
Banks and Financial Institution Act, 1993 and the Companies Act,
2013.
The involuntary liquidation provisions in the Insolvency and
Bankruptcy Code, 2016
(“IBC”) came
into effect on 15
th December 2016. Along with this, the
Insolvency and Bankruptcy Board of India (Liquidation process)
Regulations 2016
(“Regulations”) were