In news

The Insolvency and Bankruptcy Board of India (IBBI) jointly with the State Bank of India and the Indian Banks’ Association organised a one-day virtual workshop on “Committee of Creditors: An Institution of Public Trust"

Aim

The workshop aimed at developing a better understanding of the role of and expectations from the CoC, under the Code and to build the capacity of financial creditors to ensure that the CoC:

• Discharges its statutory duties and responsibilities with utmost care and diligence.
• Has the capability and motivation to take business decisions in terms of generating multiple competing resolution plans and approving the best among them.
  
• Considers and balances the interest of all stakeholders in a resolution process.

The Insolvency and Bankruptcy Board of India

• It was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code).
• It is a key pillar of the ecosystem responsible for implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.

Source: PIB