To speed up resolution of stressed assets in the country
Applicable: Individuals, Partnerships, LLPs and Corporates
Authority to decide insolvency application within 180 days (90 Days extension allowed)
Fast track process of 90 days available for specifiled entities
Adjudicating authority NCLT for corporates, DRT for individuals & partnership firms
An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.