HomeBusinessIBBI taking steps to address issues related to resolution process: Official

IBBI taking steps to address issues related to resolution process: Official

The Insolvency and Bankruptcy Board of India (IBBI) is taking steps to address various issues and concerns related to the insolvency resolution process, an official said on Friday.

The IBBI is a key body in the enforcement of the Insolvency and Bankruptcy Code (IBC).

IBBI Executive Director Sandeep Garg said that the code has kept pace with the requirements of the emerging market and will remain relevant for times to come.

He was speaking at a conference organized by industry body ASSOCHAM.

Shri Garg said that IBBI is considering several concerns of IBC and Corporate Insolvency Resolution Process (CIRP) and is taking steps to address them.

“The Code envisages resolution of the firm as an ongoing concern, as the organizational capital is destroyed by the closure of the firm. It may also result in the continued operation of the firm by adjudication on the institution or continuing litigation or proceedings against the firm during the resolution period.” Provides storage facility.

According to a release issued by the industry body, “This enables the enhancement of interim finance, in which payments have the highest priority.”

At the event, Competition Commission of India (CCI) Secretary Jyoti Zindgar Bhanot said that the regulator was responding dynamically to changes in the merger and acquisition landscape, especially with the emergence of new-age markets.

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