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IBC - Framework for cross-border insolvency to be announced soon

Published: Jan 21, 2022

By TIOLCorplaws News Service

NEW DELHI, JAN 21, 2022: DR Mukulita Vijayawargiya, Whole Time Member, IBBI, yesterday said that a framework for cross-border insolvency would be announced soon under the Insolvency & Bankruptcy Code.

Addressing the virtual Conference on '5 Years of Insolvency and Bankruptcy Code - Looking Forward and Beyond' organized by FICCI under the aegis of the Insolvency and Bankruptcy Board of India (IBBI), Dr Vijayawargiya also asserted on the need for a Code of Conduct for each stakeholder involved in the insolvency and bankruptcy ecosystem.

"A Code of Conduct establishes transparency and accountability for the creation of a robust compliance mechanism in India - critical for good governance," she added.

Dr Vijayawargiya further stated that the IBC regime provides for a resolution process which is time bound and infuses technology with professional expertise with minimum judicial intervention and supervision. 

She also added, "In the last five years, new processes have been developed keeping in mind the changing needs of the economy, be it pre-packs or the cross-border insolvency, which would be finalized shortly."

Emphasizing that every default should not be treated as a base for litigation, she added that there is a technology-driven process under the Code to determine an authentic record of default. This is a key enabler for reducing the time involved in judicial processes as well as enhancing transparency and accountability.