The Insolvency and Bankruptcy Board of India (IBBI) has given recognition to two insolvency professional entities.
IRR Insolvency Professionals Pvt Ltd and AAA Insolvency Professionals LLP have been recognised by the IBBI, an official release said today.
IBBI has been set up under the Insolvency and Bankruptcy Code -- that provides a market-determined and time bound mechanism for orderly resolution of insolvency, wherever possible, and orderly exit, wherever required.
Subject to certain conditions, a limited liability partnership, a registered partnership firm or a company may be recognised by the IBBI as an insolvency professional entity.
"With concerted efforts of all concerned, there has been considerable progress in terms of putting in place some of the key elements of the ecosystem and also operationalisation of provisions relating to corporate insolvency resolution and liquidation.
"The debtors and creditors alike have commenced transactions under the Code," the release said.
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