Government proposes to fast-track insolvency resolution for startups

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The government plans to put in place a fast-track resolution process for startups and small companies under the Insolvency and Bankruptcy Code. 

Looking to provide a faster exit mechanism for certain class of entities, the Insolvency and Bankruptcy Board of India (IBBI) has come out with draft norms in this regard.

The proposal is to fast-track the insolvency resolution process for three classes of entities — startups, small companies and companies or Limited Liability Partnerships (LLPs).

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