Insolvency and Bankruptcy Board working on cross-border insolvency norms, says chairman MS Sahoo
Govt is keen to introduce a globally accepted cross-border insolvency framework, which would make India an attractive investment destination for foreign creditors
New Delhi: IBBI Chief MS Sahoo on Thursday said the process to put in place a framework for cross-border insolvency cases is underway.
The government is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, which would also make India an attractive investment destination for foreign creditors, given the increased predictability and certainty of the insolvency process.
Asked about the status of cross-border insolvency, Sahoo said, comments have been invited and have also been received. "We are conducting round-table meetings to understand (the situation), and the process is on."
The Insolvency and Bankruptcy Board of India (IBBI) is a nodal body that implements the Insolvency and Bankruptcy Code (IBC).
Asked whether any more amendments are proposed to the insolvency law, he said "We are always ready to amend the law, as and when somebody tells this is a problem. We have amended six times in the last one-and-half year. So as and when there is a problem, we will amend. We have no hesitations".
Sahoo was speaking on the sidelines of a function for distribution of certificates to the first batch of registered valuers.
Minister of State for Corporate Affairs PP Chaudhary on Thursday welcomed the first batch of valuers registered under the provisions of the Companies Act, 2013.
"The government expects registered valuers and registered valuers organisations to follow the highest standards of professional conduct and ethics so that the profession commands overall acceptability and respect," Chaudhary said.
The government introduced the Insolvency and Bankruptcy Code in 2016. This was in line with our its policy to improve the business environment in the country.
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With the amended norms, there is more clarity on procedural requirements for various classes of creditors, including home buyers.
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