The Insolvency and Bankruptcy Board of India (IBBI) has adapted itself to the new environment in the wake of the coronavirus pandemic and will strive to provide a “malleable regulatory framework” within the confines of the insolvency law, according to its Chairperson M S Sahoo.
A key institution in implementing the Insolvency and Bankruptcy Code (IBC), the IBBI has moved to the electronic mode for most of its engagements with stakeholders and has recalibrated important regulations amid the pandemic.
Sahoo emphasised that the IBBI will remain vigilant and prepared to take on the challenges and adapt to requirements of the emerging scenario.
He was responding to a query on the priorites of the IBBI in the new year.
“Facilitating the implementation of special insolvency framework for MSMEs (micro, small and medium enterprises), prepack, cross border insolvency, group insolvency, fresh start process in sync with policy developments in this regard will be on its agenda,” Sahoo said.
He also said the endeavour is to promote a platform for distressed assets that has four elements in the interest of efficient price discovery and value maximisation.