MSME Secretary holds talks with Associations on Insolvency Code Review
New Delhi, Mar 13 (KNN) Eyeing at making the Insolvency and Bankruptcy Code (IBC) mechanism more comprehensive, the board along with the Micro, Small and Medium Enterprises (MSMEs) Ministry is holding a meeting on Tuesday 13th March.
MSME associations including the Federation of Indian Micro and Small & Medium Enterprises (FISME) are attending the meeting today with MSME Secretary Dr Arun Kumar Panda.
Earlier on Monday, a high level committee convened a meeting to explore the various aspects and amendments
The Insolvency and Bankruptcy Code, 2016 (Code) provides for reorganisation 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.(With PIB Inputs) (KNN/DA)