Awareness programme on Insolvency and Bankruptcy Code being held for MSMEs in Kolkata

Kolkata, Jul 3 (KNN) An awareness programme is being held for micro, small and medium enterprises (MSMEs) on Insolvency and Bankruptcy Code 2016 (IBC) in the city on July 7, 2017.

The programme is being facilitated by Federation of Small and Medium Industries (FOSMI) and is being conducted by CA CS Partha Kamal Sen.

Sen is a Fellow Member of the Institute of Chartered Accountants of India and Associate Member of the Institute of Company Secretaries of India. He is also a Registered Resolution Professional of IBBI enrolled with ICAI Insolvency Professional Agency.

Insolvency and Bankruptcy Code 2016 received the assent of President of India on 28 May 2016. Other than GST, the Insolvency & Bankruptcy Code, 2016 has been one of the most path-breaking laws promulgated in the country in recent times. There has been a paradigm shift in the debt recovery scenario in the country, consequent to the implementation.

The Insolvency and Bankruptcy Code (IBC) 2016 has had a reasonably good beginning with the Insolvency and Bankruptcy Board of India (IBBI) being made operational from December 1, 2016.

The Bankruptcy Code aims to improve the ease of doing business in the country by facilitating smoother and time-bound settlement of insolvency and faster turnaround of businesses, along with creating a database of serial defaulters. (KNN Bureau)