CoCs need best practices code

'The delay in insolvency case resolution is another problem area where CoCs need to play a more proactive role', says the author

The recent proposal of a Parliamentary Standing Committee to frame a professional code of conduct for the Committee of Creditors (CoC) is worth a closer look as it can go a long way in defining and circumscribing their decisions in corporate insolvency resolution cases. This is important in the context of many valid questions that have been raised in the recent past about the poor commercial wisdom the lenders have displayed in many cases.  

In the context of some other arbitrary decisions by the CoCs, it would be good if the insolvency regulator framed a code of best practices for them