Providing the first possible avenue to resolve insolvency in a market-determined and time-bound manner, the Insolvency and Bankruptcy Code will help improve ease of doing business as well as develop the debt market, says Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo. IBBI has been set up under the Insolvency and Bankruptcy Code, which was cleared by Parliament last year. The Bankruptcy Code provides these in a market-determined and time-bound manner. "This will improve the ease of doing business, promote entrepreneurship, develop debt market and consequently, develop the economy," Sahoo told PTI. An insolvency process has to be completed within 180 days from the day it is approved by NCLT.

Source: dna January 22, 2017 12:33 UTC