Economy Individual insolvency code in phases: Sahoo 

Economy Individual insolvency code in phases: Sahoo 

Context

Steering the ‘smooth and fast-paced’ journey of the insolvency law, the IBBI is now looking to put in place the regime for individual insolvency in a phased manner, according to its Chairperson M.S. Sahoo.

Guarantors are priority in phase one’

• About 500 corporates have been admitted for resolution and about 100 companies have commenced voluntary liquidation under the Insolvency and Bankruptcy Code (IBC), which is a little more than a year old.
• As it enters 2018, individual insolvency regime and facilitation of corporate insolvency transactions are among the main priorities for the Insolvency and Bankruptcy Board of India.