Kolkata, Jan 13:
The insolvency and bankruptcy code is aimed at creating alertness and more vigilant debtors and creditors.
It does not, however, intend to address the issue of corporate fraud or create a fear in promoters, MS Sahoo, Chairperson, Insolvency and Bankruptcy Board of India, said.
Under the new bankruptcy code which received the Presidents assent in May last year creditors too can initiate the insolvency process. Earlier, it was just debtors.
The code does not intend to address the issues of corporate fraud or create a fear in the minds of promoters. It intends to create alertness for debtors and creditors, he said on the sidelines of an interactive session organised by the Bharat Chamber of Co…
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