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Insolvency and Bankruptcy Code to kick in from tomorrow

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With insolvency professional agencies getting registered, the Insolvency and Bankruptcy Code will become operational from tomorrow.

The Code will help quicker resolution of cases and unlock value of assets, Mamta Binani, President, ICSI, the apex body of company secretaries, told reporters here today.

"The entire Insolvency and Bankruptcy Code will be functional from tomorrow," she said.

Both ICSI (Institute of Company Secretaries of India) and ICAI (Institute of Chartered Accountants of India) have registered not-for-profit companies under the Code to act as insolvency professional agencies.

The Insolvency and Bankruptcy Board of India (IBBI) has been set up under the Code that seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.

1ST DECEMBER 2016, THE BUSINESS STANDARD , NEW-DELHI

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