IBBI inks MoU with IFC
IFC
is interested to assist the IBBI to further
build
the capacity of the Insolvency Professionals
The
Insolvency and Bankruptcy Board of India (IBBI) signed a Cooperation Agreement with
the International Finance Corporation (IFC), a Member of the World Bank Group
(WBG). The Agreement was signed by Mr. K. R. Saji Kumar, Executive Director,
IBBI and Mr. Jun Zhang, Country Manager, IFC India, in the august presence of
Mr. Injeti Srinivas, Secretary, Ministry of Corporate Affairs, Dr. M. S. Sahoo,
Chairperson, IBBI, Mr. Gyaneshwar Kumar Singh, Joint Secretary, Ministry of
Corporate Affairs, and other distinguished officers of the Ministry of
Corporate Affairs and IBBI.
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 maximization of the value of assets of such persons, to
promote entrepreneurship, availability of credit and balance the interests of
all the stakeholders and, for this purpose, has established an institutional
infrastructure comprising of 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 30th June, 2021 by the IFC to IBBI in this
regard.
It
inter alia covers assistance in (a) Workshops and Training for Insolvency
Professionals and Officers of the IBBI; (b) Train the Trainers for Workshops
for Insolvency Professionals, (c) Development of National Insolvency Programme,
(d) Insolvency and Valuation Examinations.
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