Trusts,societies should be brought under IBC:IndianBank MD&CEO

: Public sector Indian Bank Saturday requested the Insolvency and Bankruptcy Board of India to ensure that trusts and societies are brought under the IBC for taking up resolution of defaulting educational institutions.

Participating in a workshop organised by IBBI jointly with city-based Indian Bank, its Managing Director and CEO Padmaja Chunduru voiced concern over the delay in admission of cases, and said the minimum default amount of Rs one lakh should be enhanced, among others, a press release said here.

She requested IBBI to ensure that trusts and societies are brought within the ambit of the Insolvency and Bankruptcy Code (IBC) for taking resolution of defaulting educational institutions.

IBBI Chairperson M S Sahoo said IBBI has appointed 30 new judicial members to strengthen the judiciary, besides speedy disposal of pending cases.

National Companies Law Tribunal, Member-Chennai bench, BSV Prakash Kumar, Indian Bank Executive Directors, M K Bhattacharya, V Shenoy Viswanath, Bank of Maharashtra, Executive Director, A C Rout and 60 senior executives from various banks also took part in the workshop, it said.