Finance Ministry holds high-level meeting to expedite recovery of debt
The meeting was attended by Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs).
The Insolvency and Bankruptcy Board of India (IBBI) chief M S Sahoo on Monday said prompt course corrections have been done to the insolvency law to address the needs of stakeholders.
IBBI is responsible for implementing the Insolvency and Bankruptcy Code (IBC).
The IBBI chief was speaking at a conference on ‘Resolving Insolvency in India’ organised by industry body CII. While making the statement Shaoo emphasised that challenges have made the legislation stronger.
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IBBI Chairperson said the impact of the code should not be seen just in terms of things under it, but also “on account as well as shadow” of the law.
The code came into force in December 2016 and the first resolution case was approved in August 2017.
Since its implementation, many provisions of the code have been challenged and the government has also carried out various amendments to the law, including barring defaulting promoters from taking back control of the company after the insolvency process.
(With input from agencies)
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