Insolvency and Bankruptcy Board of India (IBBI) on Thursday said the new code is not meant to address any fraud on the part of company promoters but allows creditors and other stakeholders to go for a health check of the corporate at the first available opportunity.
“The code is not going to address fraud and intercorporate management. This provides all the stakeholders to trigger the process at the first available opportunity,” IBBI chairman M S Sahoo said in Kolkata on Thursday when asked whether the code can check frauds by promoters.
Speaking on the sidelines of a Confederation of Indian Industry organised a seminar on the newly enacted code, Sahoo said any creditor or even employee can tri…
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