Economic concord..! India collaborates with World Bank considering able play of Insolvency and Bankruptcy Code..!

New Delhi, March 7: Signing the cooperation agreement on Wednesday with the International Finance Corporation of the World Bank group, the Insolvency and Bankruptcy Board of India gets robust in the effective implementation of the code and its allied rules and regulations.

 

 

The IFC desires to assist the IBBI to further build the capacity of the insolvency professionals and the agencies aligned for the purposes of the Code. The Cooperation Agreement envisages technical assistance up to 30th June, 2021 by the IFC to IBBI consisting of the workshops and training for professionals, trainers and officers of the IBBI.

 

The Insolvency and Bankruptcy Code provides for re-organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of asset values, promoting entrepreneurship, availability of credit and balance the interests of all the stakeholders. It is for this purpose that IBC has established an institutional infrastructure comprising of Adjudicating Authorities.

 

“The IBBI exercises regulatory oversight over the insolvency professionals, insolvency professional agencies and information utilities. It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code”, added the statement.

The Agreement was signed by K. R. Saji Kumar, Executive Director, IBBI and Mr. Jun Zhang, Country Manager, IFC India, in the august presence of Injeti Srinivas, M. S. Sahoo, Chairperson, IBBI, and other distinguished officers of the Ministry of Corporate Affairs and IBBI.