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Insolvency law committee calls for stakeholder views

Insolvency law committee calls for stakeholder views
The Insolvency Law Committee has called for suggestions from stakeholders on the provisions of the Insolvency and Bankruptcy Code as well as the rules and regulations.
The government had constituted the committee on November 16 under the chairmanship of Injeti Srinivas, secretary, corporate affairs ministry, to take stock of functioning and implementation of the Insolvency and Bankruptcy Code.
It was also tasked with identifying the issues that might impact the efficiency of resolution and liquidation framework. The committee held its first meeting on December 8 and took a decision to take into account the views of all stakeholders while making recommendations for any changes required in the code.The corporate affairs ministry has asked the stakeholders to share their views on the matter by January 10, 2018.
TECHNICAL STANDARDS
The technical committee of the Insolvency and Bankruptcy Board of India (IBBI) on Thursday laid down technical standards for core services. These are meant to ensure and enforce the reliability, confidentiality and security of financial information to be stored by the information utilities
The IBBI has laid down the standards for data integrity and security to maintain confidentiality of information by adopting security frameworks used by the Reserve Bank of India and the Securities and Exchanges Board of India. The information utility has been told to preserve old records for a period of eight years from the date of closure of loan.
IBBI rules also detail the standards for authentication and verification for information and requirements for allotting unique identification number to users. The information utility stores financial information that helps establish defaults as well as verify claims expeditiously and thereby facilitates completion of transactions under the Insolvency and Bankruptcy Code, 2016 in a time bound manner.

The Economic Times , New Delhi, 15th December 2017

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