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IBBI, RBI ink MoU for effectively implementing Bankruptcy Code

IANS  |  New Delhi 

The and Board of India (IBBI) on Monday signed a memorandum of understanding (MoU) with the (RBI) on cooperation for an effective implementation of the Code, according to an official announcement here.

Among others, the provides for "sharing of information between the two parties, subject to the limitations imposed by the applicable laws" and "sharing of resources available with each other to the extent feasible and legally permissible," a Ministry statement said.

Under the agreement, periodic meetings would be held to discuss matters of mutual interest, including regulatory requirements that impact each party's responsibilities, enforcement cases, research and data analysis, and data sharing, it said.

According to the statement, other clauses of the include cross-training of staff in order to enhance mutual understanding of their respective mission, as well as capacity building of professionals and financial creditors.

The and Code, 2016, provides for the insolvency resolution of corporates, partnership firms and individuals in a time-bound manner, for which it has mandated a period limit of six months.

--IANS

rrb-bc/nir/vm

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 12 2018. 21:56 IST
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