Don’t look for ready-made solutions: IBBI chief to insolvency
Team Udayavani, Feb 10, 2018, 1:09 PM IST
New Delhi: Sending out a strong message, IBBI Chairperson M S Sahoo today said insolvency resolution professionals should not look for “ready-made solutions” and desist from overcharging for their services.
His remarks come against the backdrop of concerns about the conduct and independence of insolvency professionals in certain instances.
The professionals are key to insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) that provides for market-determined and time-bound resolution.
“Don’t look for ready-made solutions… (insolvency resolution) requires your full heart,” Sahoo told an insolvency professionals’ conclave here.
Emphasising that talent and character are the two key pillars for insolvency professionals, he urged them not to delegate or outsource their work.
The professionals should remain competitive and be updated, the IBBI chief said, adding that they should look at using artificial intelligence to bring down the time taken to complete a resolution process.
The Insolvency and Bankruptcy Board of India (IBBI) is implementing the IBC, under which resolution process needs to be completed within 270 days.
Speaking at the event, National Company Law Tribunal (NCLT) President M M Kumar said speed is the essence of the IBC.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
MSEZ partners with Italy’s MIR Group for Rs 1,500 cr green facility
Sony India bags ACC media rights for eight years
Musk says X now top news app on App Store in India
Air India to offer integrated aircraft maintenance engineering programme
Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points
MUST WATCH
Latest Additions
Vikram Gowda Encounter: Uneasy silence shrouds Peethabail
Kaziranga National Park to be centrepiece of 12th edition of ITM in Assam
Engineer dead, supervisor injured as wire rope snaps at metro site
Karnataka bypolls: Cong leads in Sandur, BJP and JD(S) ahead in Shiggaon and Channapatna
COP29: Civil society protests climate finance proposal, calls for ‘no deal’ over ‘bad deal’
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.