NEW DELHI: The Insolvency and Bankruptcy Code has segregated judicial and commercial aspects of the insolvency process whereby stakeholders have the right to decide on what suits them, IBBI chairperson M S Sahoo said today.
The Code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process. The Insolvency and Bankruptcy Board of India (IBBI) is implementing the Code.
Sahoo said there is an oversight mechanism, that includes IBBI and National Company Law Tribunal (NCLT), to facilitate the transaction that a market participant wishes to do while the approval of insolvency resolution plan is done by the stakeholders concerned.
“The IBC actually has segregated commerc…
Read the full article at: http://economictimes.indiatimes.com/news/politics-and-nation/ibc-segregates-judicial-commercial-aspects-of-insolvency/articleshow/59611309.cms