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Don't look for ready-made solutions: IBBI chief to insolvency professionals

The IBBI is implementing the IBC, under which resolution process needs to be completed within 270 days

Press Trust of India  |  New Delhi 

IBBI chief MS Sahoo
Insolvency and Bankruptcy Board of India Chairperson M S Sahoo addresses a gathering at the Insolvency Professionals Conclave in New Delhi, on Saturday. Photo: PTI

Sending out a strong message, and Board of India (IBBI) Chairperson M S today said 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 professionals in certain instances. The professionals are key to proceedings under the and Code (IBC) that provides for market-determined and time-bound resolution. "Don't look for .. (resolution) requires your full heart," told an professionals' conclave here. Emphasising that talent and character are the two key pillars for professionals, he urged them not to delegate or outsource their work. The professionals should remain competitive and be updated, the said, adding that they should look at using to bring down the time taken to complete a resolution process. The IBBI is implementing the IBC, under which resolution process needs to be completed within 270 days. Speaking at the event, (NCLT) M M Kumar said speed is the essence of the IBC.

First Published: Sat, February 10 2018. 20:57 IST
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