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Union Minister Arun Jaitley today said there are a lot of expectations from the new insolvency mechanism and expressed confidence that it would deliver the desired results in the years to come. The Insolvency and Bankruptcy Board of India (IBBI) has been set up under the Insolvency and Bankruptcy Code that seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner. The Insolvency and Bankruptcy Board of India (IBBI) has also notified three sets of regulations. Jaitley, who is in charge of both Finance and Corporate Affairs ministries, said the present government has taken a new initiative by setting-up a modern insolvency mechanism based on the best practices in the world, according to an release issued by the Finance Ministry. He said the process of setting-up of an insolvency mechanism including setting-up of the IBBI was done in the shortest possible time. Jaitley also said there are a lot of expectations from this new insolvency mechanism and sure that it will deliver the desired results in years to come, as per the release. He was speaking at a function here, organised by IBBI, to to give away certificates of registration to two Insolvency Professional Agency (IPA) companies. The two agencies have been set up a not-for-profit companies by the ICAI and ICSI, respectively. ICAI is the apex of chartered accountants while ICSI is the key grouping for company secretaries. "An Insolvency Professional Agency is a front line regulator for the insolvency professionals.
It enrolls professional members, lays down standards of professional conduct for them and monitors their performance. It also redresses the grievances of consumers against its members," the release said. IPAs can start enrolling the professional members from tomorrow and this takes one step closer to implementation of the Code, it added.
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