IIA-FISME holds conference on Rights and Obligations of MSME owners under IBC 2016

New Delhi, Oct 26 (KNN) In a bid to facilitate evolvement of the Insolvency and Bankruptcy Code for the Micro, Small and Medium Enterprises, FISME along with Indian Industries Association, the Insolvency & Bankruptcy Board of India (IBBI) and Society for Insolvency Professionals of India  (SIPI)organized a day long round table conference in Lucknow.

The conference explored various dimensions of the IBC including draft rules for individuals in business and also individuals having given guarantees under the new law.

The various stakeholders attending the conference raised suggestions for modifying the rules, which includes raising the threshold limit from Rs. 1000 to at least Rs 1 lakh and giving priority to MSME creditors over big creditors in case of corporate debtors.

Also the host body IIA said that it would study the draft rules and submit detailed suggestions to IBBI soon.

The roundtable conference comes as a part of the nationwide consultation that the IBBI is holding with different stakeholders including the MSME sector to seek feedback on the announced rules.

In order to facilitate orderly framework for resolution of stressed assets, sick firms and insolvent entrepreneurs, a comprehensive legislation 'Insolvency and Bankruptcy Code 2016 (IBC) is enacted by the government.

Also IBBI has been set up as the central body taking care of the implementation of the code throughout the country and across sectors.

Key officials both from the industry as well as IBBI attended the event, this included Mamta Suri, E.D, IBBI, Delegates from Industries, Institute of Company Secretary of India, Institute of Chartered Accountant of India, Institute of Cost Accounting of India and Insolvency Professionals. (KNN/DA)