The IBBI chief wants an objective framework to check the working of the Insolvency law to correct any mistakes
The chief of the Insolvency and Bankruptcy Board of India (IBBI) has requested a comprehensive and objective framework to assess the working of the insolvency law to make prompt course corrections. His remarks come against the backdrop of diverse views being expressed on the overall impact of the Insolvency and Bankruptcy Code (IBC).
The IBBI is a key institution in implementing the IBC, which provides for a market-linked and time-bound resolution of stressed assets. Sahoo stressed that a tailor-made framework is the need of the hour. He added, “An objective assessment of the working of the IBC is necessary if we wish to move out from subjective views which are being presented as assessments.”
The IBBI chief also called for efforts to find solutions in the market rather than “always ask for the state to find a solution for market problems”.
The IBC has undergone six amendments in less than five years.