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IBBI Working to Resolve Insolvency Process Issues: Official

The Bankruptcy and Bankruptcy Commission of India (IBBI) is taking measures to resolve issues related to the default resolution process, an official said Friday.

Managing Director of IBBI Sandip Gargwho is speaking at a conference organized by PGSham, the industry body, said that bankruptcy law has been tailored to emerging market requirements and will remain relevant for all time to come.

The insolvency regulator is looking into a number of concerns about IBC and the Corporate Insolvency Resolution Process (CIRP), and is taking steps to address them, Garg said.

“The Code considers corporate settlement a constant concern, as closing the company will destroy the capital of the organization. It facilitates the company’s continued operation as an ongoing concern by means of an ongoing concern. how to postpone holding or continuing lawsuits or proceedings against the company during the settlement period.

“It allows for a temporary financial lift, which has a high priority in payments,” he said.

Competition Commission of India (CCI) Secretary Jyoti Jindgar Bhanotwho was also present at the event, said the regulator is responding positively to changes in the merger and acquisition landscape, especially with the emergence of the new age market.

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