July 04, 2025 08:08 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
‘We will cross that bridge when we come to it’: Jaishankar’s response on US bill proposing 500% tariffs | 'We slapped because of his attitude': MNS worker justifies assault on shopkeeper for not speaking Marathi | 'Marathi will have to be spoken in Maharashtra': State minister after MNS workers' assault on shopkeeper | PM Modi conferred with 'The Officer of the Order of the Star of Ghana' | Three Indian nationals abducted in Al-Qaeda-linked group's attack in Mali, MEA expresses 'deep concern' | Pune woman raped by man posing as delivery boy, police probe on | Kolkata gangrape case: West Bengal Bar Council expels prime accused Monojit Mishra | Contempt case: Court sentences former Bangladesh PM Sheikh Hasina to six months in prison | India has every right to defend its people against terrorism: Jaishankar at Quad Meet | Dalai Lama's institution will continue, Trust will recognise his successor

IBBI signs pact with Int'l Finance Corporation for implementation of IBC

| @indiablooms | Mar 07, 2019, at 02:37 pm

New Delhi, Mar 7 (UNI) The Insolvency and Bankruptcy Board of India (IBBI) has signed a cooperation agreement with the International Finance Corporation (IFC), a Member of the World Bank Group (WBG) to build capacity of the insolvency professionals and its agencies for the the effective implementation of the Insolvency and Bankruptcy Code, 2016.

The agreement was signed on Wednesday by K R Saji Kumar, Executive Director, IBBI and Jun Zhang, Country Manager, IFC India. Injeti Srinivas, Secretary, Ministry of Corporate Affairs, M S Sahoo, Chairperson, IBBI, Gyaneshwar Kumar Singh, Joint Secretary, Ministry of Corporate Affairs, and other Ministry officials were present on the occasion.

The Insolvency and Bankruptcy Code, 2016 (Code) provides for re-organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. For this purpose, it has established an institutional infrastructure comprising adjudicating authorities, the IBBI, insolvency professionals, insolvency professional agencies and information utilities.

The IBBI exercises regulatory oversight over the insolvency professionals, insolvency professional agencies and information utilities. It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.

The IBBI is interested in the effective implementation of the Code and its allied rules and regulations. The IFC is interested to assist the IBBI to further build the capacity of the insolvency professionals, and insolvency professional agencies for the purposes of the Code.
The Cooperation agreement envisages technical assistance up to June 30, 2021 by the IFC to IBBI in this regard. 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
RBI announces repo rate cut Jun 06, 2025, at 10:51 am
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu