Dr M.S. Sahoo, chairperson of Insolvency and Bankruptcy Board of India (IBBI) made a strong statement asking insolvency resolution professionals to stop looking for “ready-made solutions” and desist from overcharging for their services.
“Don’t look for ready-made solutions… (insolvency resolution) requires your full heart,” Sahoo told at an insolvency professionals’ conclave. Stressing upon the key pillars for insolvency professional he said that talent and character are very important.
“Don’t try to take Rs14 crore from a default of Rs2 crore…,” he said, adding that remuneration should be charged in a transparent manner.
“His position is quite unique compared to other professions. It requires highest levels of integrity, reputation and character. Such responsibilities cannot be entrusted to people of doubtful integrity,” Sahoo noted. The preofessionals were asked to remain competitive and be updated and use artificial intelligence. “We know our insolvency professionals are vulnerable to certain things and they need protection where they are justified”, he added.