Insolvency & Bankruptcy Code

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Move comes in wake of owners of several undelivered flats wanting to seek relief under the said law

The requisite ecosystem for the implementation of the Insolvency and Bankruptcy Code, 2016 (IBC), touted as the second biggest financial reform by the Centre after GST, needs to be first set up in the country failing to which banks may not utilise the Code aimed to lower stress on the banking structure, SBI chairman, Arundhati Bhattacharya said.Creation of the eco-system involves creation of an information bank of the borrowers with the lenders, the performance track record of the borrowers as well as selection of judges to man the Debt Recovery Tribunal (DRT) and National Company Law Tribunal (NCLT)."With the law (IBC), you need to set up the eco-system as well. Banks are not rushing towards it. The ecosystem has been created to an extent but needs to be fully put in place", she said.She said availability of data with the banks, the track records of the lenders and selection of the panel of judges are part of this IBC ecosystem.As per a statement from the union finance ministry, the .

New law mandates 180 days to resolve cases, Innoventive in proceedings since 6 months

Insolvency proceedings for stressed accounts may lead to consolidation in steel sector: ICRA

RBI has been commended for acting to refer big-ticket firms for resolution under the code

Jaypee, Essar, and Reliance Communications expect transactions to close by September

Six months since the initial cases were filed, some corporates have willingly chosen the code

The Insolvency and Bankruptcy Board of India has come up with the final rules for setting up IUs

Foreign and Indian creditors will get a fair portion of the assets of a firm going for insolvency

IBBI has granted registration to ICSI Insolvency Professional Agency to act as insolvency professional agency under Board

He said the capital released can be deployed for other productive lending which could help in credit expansion