IBBI Notification on “Fast Track Resolution Process for Corporate Persons Regulations 2017”
The MCA had set up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code (IBC), 2016. The Working Group 3, having mandate to deliberate and submit its recommendations on rules and regulations and other related matters for the insolvency and liquidation process under the Insolvency and Bankruptcy Code, 2016, has submitted draft regulations for Fast Track Insolvency Resolution of Corporate Persons. Draft notification/ regulations under Section 55(2) of IBC, 2016 for fast track resolution process in the case of eligible corporate debtors, was prepared by MCA inviting comments from stakeholders latest by 8 May 2017.
Accordingly, the IBBI has notified the final Regulations called the “Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017“, relating to the special provisions for fast track process under Chapter IV of Part II of the IB Code 2016. These Regulations are applicable w.e.f. 14 June 2017.