Insolvency Law Enhances Resolution Value: IBBI Member

New Delhi, Dec 16 (PTI) The insolvency law provides the opportunity to engage all stakeholders in a resolution process driven by information, and such a structured and process-oriented approach has brought greater value to the proceedings, according to an IBBI Whole Time Member.

The Insolvency and Bankruptcy Board of India (IBBI) is a key institution in implementing the Insolvency and Bankruptcy Code (IBC), which provides a market-linked and time-bound resolution of stressed assets.

Speaking at a conference in Bengaluru on Saturday, IBBI Whole Time Member Sandip Garg said that through the IBC, the courts have been empowered with enhanced authority to oust fugitive promoters and streamline the litigation process, aiming to minimise time and maximise value.

The code affords the opportunity to engage all stakeholders in a resolution process driven by information. This structured and process-oriented approach has brought greater value to the proceedings, he was quoted as saying in a release issued by industry body Assocham, which organised the conference.

Justice MM Sundresh of the Supreme Court said the IBC is an evolving framework designed to foster a collaborative resolution process among stakeholders, according to the release.