Government fast-tracks insolvency process for startups
The Insolvency and Bankruptcy Board of India (IBBI) has notified new norms to fast-track the insolvency process for startups and small companies with total assets worth under â¹1 crore. The process in such cases will be completed within a period of 90 days, as against 180 days in other cases. Any creditor or corporate debtor can file the insolvency application.