The Ministry of Corporate Affairs (MCA) is working to issue a code of conduct for creditors under the Insolvency and Bankruptcy Code (IBC), said MCA Secretary Rajesh Verma on Friday.
This comes a month after a Parliamentary panel flagged the disproportionately large and unsustainable haircuts taken by the financial creditors over the years. In some insolvency resolution processes, the haircuts taken by creditors were more than 90 per cent.
The Insolvency and Bankruptcy Board of India (IBBI) is collaborating with the Indian Banks Association, the Reserve bank of India and the Department of Financial Services for a code of conduct, Verma said while addressing a Confederation of Indian Industry Conference on 5 years of IBC.
Industry…
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