IBBI Signs Cooperation Agreement with IFC
The Insolvency and Bankruptcy Board of India (IBBI) has signed a cooperation agreement with the International Finance Corporation (IFC) to assist IBBI in further building the capacity of insolvency professionals and insolvency professional agencies for the purpose of the bankruptcy code.
IBBI established under the Insolvency and Bankruptcy Code, 2016 provides a platform for re-organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of the value of assets, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
IBBI exercises regulatory oversight over the insolvency professionals, insolvency professional agencies and information utilities. Under the Insolvency and Bankruptcy Code, 2016 IBBI prescribes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy.
IFC would assist IBBI in the effective implementation of the Code and its allied rules and regulations by assisting in further building the capacity of insolvency professionals and insolvency professional agencies for the purpose of the bankruptcy code.
Topics: corporate insolvency resolution • corporate liquidation • IBBI • IFC • individual bankruptcy • individual insolvency resolution • Insolvency and Bankruptcy Board of India • Insolvency and Bankruptcy Code 2016 • International Finance Corporation