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

Drugs worth Rs 6 crore seized in Bengaluru, five arrested

Siddaramaiah urges Nirmala Sitharaman to address NABARD’s loan cuts to farmers

Karnataka HC denies anticipatory bail to Prajwal Revanna in sexual harassment case

Delhi court stays defamation case against CM Atishi

Awards don’t create value for independent films in India: Manoj Bajpayee

Public Alert: Cyber fraudsters impersonating traffic police to demand fines

UP: 25 people booked for attacking civic officials for encroachment removal

Related Articles More

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

Baku climate talks: The ‘X’ factor that could determine future of Global South

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Air pollution: SC flags Delhi govt’s failure to implement GRAP-4 curbs on entry of trucks

Drugs worth Rs 6 crore seized in Bengaluru, five arrested

Siddaramaiah urges Nirmala Sitharaman to address NABARD’s loan cuts to farmers

Satwik-Chirag enter semifinals, Lakshya loses to Antonsen in China Masters

BJP stages protest against Congress govt in Karnataka over Waqf properties row

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.