SME Times is powered by   
Search News
Just in:   • Covid-19 Essentials Expo India  • Google to pump in Rs 75,000cr to help India go digital  • Import compliance relief extended for gems, jewellery sector  • Amid volatility, Sensex trims major gains, RIL at new high  • Sitharaman reviews Aatmanirbhar Bharat package 
Last updated: 12 Nov, 2019  

Handshake.9.Thmb.jpg IBC is dynamic law: Board chairman

   Top Stories
» Import compliance relief extended for gems, jewellery sector
» Sitharaman reviews Aatmanirbhar Bharat package
» AEPC writes to PM for review of trade pacts
» No V-shaped recovery for economy: Survey
» MSME loans sanctioned under ECLGS reach Rs 1.20 lakh cr
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 debtors.

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 economy.

More such reforms would be welcome to keep the pace of development going in terms of the international best practices.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 14 Jul, 2020
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(2)
» Pain points for MSMEs(2)
» UP govt to change lives of migrants: MSME Principal Secy(2)
» Subsidy provided to artisans under Solar Charkha Mission: MSME minister(1)
» Appoint distributors, expand your business(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter