IIIPI forms committee to recommend measures for growth of IBC ecosystem

The Indian Institute of Insolvency Professionals of ICAI (IIIPI) has constituted a committee to recommend measures to prepare the IBC ecosystem for the next phase of growth.

"After over six years since inception of IBC, there is a need to consider futuristic challenges and recommend to IBBI and other authorities, changes required in the ecosystem and for preparing IIIPI and insolvency professionals to support these," IIIPI Chairman, Ashok Haldai said.

IIIPI has constituted a board-level committee of its directors to recommend measures for preparing the IBC ecosystem for the next phase of growth by envisioning future changes and imperative requirements, according to a release on Tuesday.

Haldai welcomed IBBI's initiative to seek public comments on changes needed in regulations under IBC 2016.

IIIPI, promoted by the Institute of Chartered Accountants of India (ICAI), is the largest Insolvency Professional Agency (IPA) and frontline regulator under the Insolvency and Bankruptcy Code (IBC).

It works under the aegis of the Insolvency and Bankruptcy Board of India (IBBI).