IBBI proposes mediation for operational creditors before filing insolvency

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In a discussion paper released on Monday, the insolvency board proposed to introduce mediation as a preliminary step, providing operational creditors an avenue to settle disputes with corporate debtors over matters like contractual disagreements, quality issues, underpayment claims, and set-off demands.

The Insolvency and Bankruptcy Board of India (IBBI) has proposed a voluntary mediation mechanism for operational creditors before filing insolvency applications under the IBC norms.

The recommendation is based on an expert committee report and subsequent suggestions by the Indian Institute of Insolvency Professionals of ICAI (IIIPI).

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Category: BusinessFinance

Markets: India

Topics: Creditors IBBI Credit Insolvency and Bankruptcy Board of India Adjudicating Authority Insolvency filing

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 23:51:17 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 400 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23450969

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