Updated By: LatestGKGS Desk
Insolvency and Bankruptcy Code features, benefits for borrowers, Bankruptcy Law
Insolvency and Bankruptcy Board of India (IBBI), Bankruptcy Code to evolve gradually to its full potential
Insolvency and Bankruptcy Board's Chairman of India Madhusudan Sahoo (MS) has informed that the Insolvency and Bankruptcy Code (IBC) will evolve gradually to its full potential.
Insolvency and Bankruptcy Board of India’s main objective is to maximize the value of assets of corporate borrowers.
Employees, creditors, and shareholders have been given powers to initiate winding up the process at the first sign of financial stress such as serious default in repayment of bank loans under this new law.
Insolvency and Bankruptcy Board of India was set up last year to regulate the functioning of insolvency professionals and other related entities under the Insolvency and Bankruptcy Code 2016.