The Insolvency and Bankruptcy Code (IBC)-led corporate insolvency resolution framework in the country may be changing the credit culture of the country, but it is challenged by delays, smaller realisations and ethical issues, Insolvency and Bankruptcy Board of India (IBBI) chairperson Jayanti Prasad said on Thursday.
“Our biggest concerns are the time delay and ethical issues. The size of realisation in some cases needs closer attention. They will be at the top of our agenda in the coming years,” Prasad said at the tenth annual day event of IBBI.
The IBC was brought in 2016 to enable time-bound resolution and bankruptcy proceedings for companies, partnerships and individuals. The law establishes IBBI as the regulatory authority,…