New Delhi, Aug 24 (KNN) Union Finance Minister Arun Jaitley has directed the senior officers of the Ministry of Finance and the Ministry of Corporate Affairs to take necessary actions for implementation of Insolvency and Bankruptcy Code (IBC) 2016 in a time bound manner.

The Finance Minister said that an immediate action is required on the key requirements for implementation of the IBC including setting-up of Insolvency and Bankruptcy Board of India (IBBI), notifying Rules and Regulations relating to Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs) and Corporate Insolvency among others. 

Minister was speaking in a Meeting held in order to review the implementation of Insolvency and Bankruptcy Code 2016. The Meeting was attended by Secretary, Department of Economic Affairs (DEA), Shaktikanta Das, Secretary, Department of Financial Services (DFS), Anjuly Chib Duggal, Secretary, Ministry of Corporate Affairs (MCA),  Tapan Ray, senior officers of the Ministry of Finance, RBI and Securities and Exchange Board of India (SEBI) among others.

Jaitley asked the officials of the Ministry of Corporate Affairs to notify NCLT Benches to deal with Corporate Insolvency, take action for registration of IPs and IPAs among others. He further said the implementation in a time bound manner is very crucial in order achieve the desired goals of Insolvency and Bankruptcy Code 2016. (KNN Bureau)