use of technology,
greater objectivity,
and transparency of
the process. Working
groups of experts
have deliberated and
developed the formats for
universities, autonomous
colleges and affiliated
colleges. The outcome of
pilot study to validate the
framework and feedback
by stakeholders will
also be considered in
National Consultation.
Approximately 100
experts comprising of
eminent educationists,
current and former Vice
Chancellors / Directors,
Statutory Bodies,
Academics, Principals of
Colleges will participate in
the National Consultation.
The inputs of the National
Consultation would
be used to fine-tune
and finalise the revised
Accreditation Framework
which is slated to be
launched from July 2017.
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).
IBBI comes under the
corporate affairs ministry.
The draft regulations were
prepared by a working
group that was constituted
by the ministry.
Small companies will
be those fulfilling the
criteria as laid down in
the Companies Act, 2013,
while startups are defined
by the Department of
Industrial Policy and
Promotion (DIPP).
As per the draft norms,
a company or LLP which
has not borrowed more
than Rs 2 crore in any
manner will be eligible
for the process fast-track.
While the draft norms
do not spell out the
timeframe for a fast-track
process under the Code, it
is expected to be 90 days.
“Fast-track is a
process which has to
close in 90 days and
these are likely to be
applied to cases with
less complications…
The example could
be startups,” IBBI
Chairperson M S
Sahoo said earlier
this month.
Insolvency resolution
for startups to get
fast-tracked
The Code provides for
completing insolvency
resolution process
within 180 days and
the timeframe starts
from the insolvency
commencement date. It
seeks to consolidate and
amend laws relating to
reorganisation as well
as insolvency resolution
of corporate persons,
partnership firms and
individuals in a time-
bound manner.
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