IBBI proposes mediation mechanism for operational creditors in IBC

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.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Insolvency and Bankruptcy Code IBBI IBC resolution

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-05 @ 16:11:52 (8 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 437 words

Reading Time: 3 minutes read

Sentences: 15 lines

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Copyright Owner: © Business Standard

News ID: 23429169

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