Stakeholders are getting higher than liquidation value: IBBI chief Sahoo

I am more than happy with the progress in implementation of the Code, as well as the performance of the stakeholders and agencies involved in the resolution process, says IBBI Chairman, M S Sahoo

The government promulgated an ordinance to amend the Insolvency and Bankruptcy Code (IBC) on Wednesday after two years of the enactment of the Act. M S SAHOO, chairman of the Insolvency  and Bankruptcy Board of India, talks to Veena Mani & Indivjal Dhasmana on the ordinance and implementation of the Code. Edited excerpts:

The ordinance to amend IBC says that if 90 per cent of lenders approve, the petition should be allowed to be withdrawn from the National Company Law Tribunal (NCLT). Is it fair to first go for NCLT and then withdraw the case?

Insolvency is an outcome of the market.