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Context
About the amendment:
Aim of the amendments:
Year of Enactment |
2016 |
Regulator |
Insolvency and Bankruptcy Board of India · 10 Member Board · Has RBI and Government representation |
Entities created |
· Insolvency Professional Agencies (IPAs); Insolvency · Resolution Professionals (IRPs); · Information Utilities |
Adjudicators |
National Company law tribunal for · Corporate entities and LLP etc. Debt Recovery Tribunal for · For non-corporate entities such as individuals, partnership funds etc. |
Required Time |
· 180 days to resolve insolvency · 270 days in specific circumstances |
Due Sharing ( Sharing of the Proceeds received after liquidation with the different claimants) |
· Cost of Insolvency Process · Workers, Secured Creditors · Employee Wages · Unsecured Creditors · Government due · Any other remaining debt (This remains the order of Priority) |
About the Different Entities |
|
Information Utilities |
· Process the financial information needed for the bankruptcy process |
Insolvency Professional |
· To handle and proceed the bankruptcy process |
Insolvency Professional Agencies |
· Provide code of conduct and rules to be followed by Insolvency Professional |
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