Insolvency regulator IBBI has come up with a discussion paper on Code of Conduct for the Committee of Creditors (CoC), which is the custodian of public trust during resolution process.
The proposed Code of Conduct, which establishes broad principles that can be applied to every situation, is expected to elevate accountability and responsibility of Committee of Creditors to ensure transparency in their functioning.
It is being proposed at a time when there have been several issues and apprehensions regarding the conduct of members of the CoC.
In fact, the Standing Committee on Finance headed by Jayant Sinha had recently recommended that there is an urgent need to have professional code of conduct for the CoC, which will define and circum…
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