Present govt has taken new initiative by setting-up a modern insolvency mechanism: FM
He said that the process of setting-up of an insolvency mechanisam including setting-up of the Insolvency and Bankruptcy Board of India (IBBI) was done by the present Government in the shortest possible time.
The Finance and Corporate Affairs Minister was speaking at the function organized by the Insolvency and Bankruptcy Board of India (IBBI) here in order to give away the Certificates of Registration to two Insolvency Professional Agency (IPA) companies.
Jaitley further said that there are lot of expectations from this new insolvency mechanism and sure that it will deliver the desired results in years to come.
Earlier,Jaitley handed-over the Certificates of Registration to these two Insolvency Professional Agency (IPA) companies.
An Insolvency Professional Agency is a front line regulator for the insolvency professionals.
It enrolls professional members, lays down standards of professional conduct for them and monitors their performance.
It also redresses the grievances of consumers against its members.
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