IBBI Chief Urges Transparency and Faster Resolution in Insolvency Process

IBBI Chairperson Ravi Mital has called on insolvency professionals to increase transparency and expedite the resolution of stressed assets. He emphasized the importance of innovation and detailed information sharing to improve recovery rates and underscored the significant progress made under the Insolvency and Bankruptcy Code (IBC) since its inception in 2016.

In a significant address on Friday, IBBI Chairperson Ravi Mital urged insolvency professionals to enhance transparency, provide comprehensive information to stakeholders, and speed up the resolution of stressed assets for better recovery outcomes.

Mital assured that no punitive action would be taken against professionals for 'genuine innovations' during the resolution process. Highlighting the effectiveness of the Insolvency and Bankruptcy Code (IBC), he noted that more than Rs 3.4 lakh crore has been returned to creditors since the Code's implementation in 2016.

Mital made these comments at the International Convention on Insolvency Resolution and Valuation, organized by the ICAI in New Delhi. He stressed the importance of completing the resolution process swiftly, maintaining going concern sales, and improving the quality of information memoranda to further boost recovery rates.