SME Times News Bureau | 12 Nov, 2019
The Insolvency and Bankruptcy Code is a dynamic law evolving to meet
emerging needs of the stakeholders to further the objective of the Code, said M
S Sahoo, Chairman, Insolvency and Bankruptcy Board of India.
The Code has passed the Constitutional muster and with every challenge, it
has come out with stronger roots. The impact of the IBC Code is not only what
happens in the Code, but also what happens on account of and under the shadow
of the Code. The IBC Code has won the credibility of all categories of
stakeholders, said Sahoo.
Sahoo was addressing the National Conference on Resolving Insolvency in
India – Progress and Way Forward, organized by CII in New Delhi on Monday.
Bahram N Vakil, Founder & Senior Partner, AZB & Partners mentioned
that since the introduction of the IBC Code, India has made continuous progress
in the insolvency process, in terms of its speed, recovery and cost.
India is now at par with similar economies in this respect. The Insolvency
and Bankruptcy Code has brought about significant behavioral change and responsibility
in the attitudes of the borrowers and promoters.
The Financial Service Providers have also become more responsible and
careful in analyzing the due diligence and financial viability of their
Piruz Khambatta, Chairman, CII Task Force on Ease of Doing Business
credited the Code with the drastic improvement in the position of India in the
Ease of Doing Business ranking awarded by the World Bank.
Khambatta said that India is being recognized as a growth engine and
Government schemes like the IBC Code will continue to go a long way in bringing
about innovation, sustainable development and entrepreneurial spirit in the
More such reforms would be welcome to keep the pace of development going in
terms of the international best practices.