To reduce delays and assist creditors get more value, the government changes the IBC guidelines.
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According to the government, the new adjustments are intended to streamline the procedure and assist creditors in realising a higher value.
credit : google
According to the government, the new adjustments are intended to streamline the procedure and assist creditors in realising a higher value.
credit : google
The creation of a stakeholders consultation committee (SCC) to guarantee the engagement of all stakeholders is one of the crucial reforms that has been implemented.
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The Committee of Creditors (CoC) established as part of the Corporate Insolvency Resolution Process (CIRP) would serve as the Stakeholders Consultation Committee (SCC) for the first 60 days, according to the government.
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The SCC shall be reconstructed based on acknowledged claims within 60 days of the start of the procedure, after claim adjudication.
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In the history of Indian banking, the IBC process, which was established in 2016, is seen as a crucial reform step.
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A number of unnecessary loan collection strategies, such as the former corporate debt restructuring programmes, were abolished by the IBC.
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Although IBC has sped up the entire rehabilitation process, others believe that it still lacks the required efficacy.
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According to the government, the new adjustments are intended to streamline the procedure and assist creditors in realising a higher value.