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Last updated: 28 May, 2018  

IPR.9.Thmb.jpg 'Insolvency professionals need to be efficient to inspire confidence'

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SME Times News Bureau | 28 May, 2018

Insolvency and Bankruptcy Board of India (IBBI) chairperson M.S. Sahoo said on Sunday that Institution of Insolvency Professionals (IPs) needs to be robust and efficient to inspire the confidence of stakeholders.

Speaking a Conclave of Insolvency Professionals yesterday in Mumbai, IBBI chief M.S. Sahoo said that profession is a key institution of a market economy and the profession of IPs is a key institution of the insolvency and bankruptcy regime.

For him, IPs are intellectual properties of the Insolvency and Bankruptcy regime and it is the endeavour of the IBBI to create, preserve and enhance the intellectual property of the regime.

While appreciating the performance and conduct of IPs in general, he urged the IPs to collectively build and preserve the reputation of the fledgling institution and not allow a few undesirable elements to tarnish its reputation, as it is difficult to mend the reputation once it is lost.

He believed that if the institution conducts well, its role and relevance would increase over time.

The reverse can also happen. He stated that the institution of IPs needs to be robust and efficient to inspire the confidence of stakeholders.

Given that the Insolvency and Bankruptcy Reforms, which serves a very important cause of the nation, rests on the shoulders of the institution of IPs, the IPs need to have unwavering passion for their duty.

Rashesh Shah, President, FICCI and Chairman, Edelweiss Group, in his address on ‘Insolvency Professional as Key Facilitator for Value Creation’ dwelled on the insolvency reforms in developed nations and believed that this reform would result in democratisation of credit in India that would fuel its growth further.

He stated that in the first five years, the USA had witnessed 500 changes in law.

He appreciated that Indian authorities are changing the law with alacrity to meet the emerging needs.

 
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