IBBI proposes mediation mechanism for operational creditors in IBC

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IBBI proposes mediation mechanism for operational creditors in IBC - Business Standard

Quick Summary:

The proposal aims to reduce the burden on the AA and thereby expedite admissions,” IBBI said.

It suggested that the central government and IBBI should be granted powers for making rules, regulations, and notifications for the same.

Further, the AA is required to conduct hearings before accepting or rejecting an application, and the process often becomes time-consuming,” IBBI said.