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India's bankruptcy regulator seeks views on cutting red tape to help resolution professionals

India's bankruptcy regulator seeks views on cutting red tape to help resolution professionals

| @indiablooms | 12 Jun 2024, 11:46 am

New Delhi/IBNS: India's bankruptcy rule-maker, the Insolvency and Bankruptcy Board of India (IBBI), said that it is planning to reduce the compliance burden of debt resolution professionals so that they can concentrate on stitching together rescue plans for companies under their supervision.

The IBBI said in a discussion paper on lowering the compliance burden of these professionals that the idea is to reduce the number of forms and volume of information that resolution professionals have to submit and to make the reporting process simpler and efficient.

According to reports, the IBBI has sought public feedback on its suggestions by July 1.

The bankruptcy rule-maker said its enhanced data capture capabilities, particularly creation of a portal, needs to be leveraged to simplify and optimize the forms to be filled by professionals, as per reports.

The IBBI added that there will be a special emphasis on removing duplication, making the reporting process simpler and more efficient.

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