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Present govt has taken new initiative by setting-up a modern insolvency mechanism: FM

Present govt has taken new initiative by setting-up a modern insolvency mechanism: FM

| | 28 Nov 2016, 09:09 pm
New Delhi, Nov 28 (IBNS): Union Minister of Finance and Corporate Affairs Arun Jaitley said that the present Government has taken a new initiative by setting-up a modern insolvency mechanism based on the best practices in the world.

He said that the process of setting-up of an insolvency mechanisam including setting-up of the Insolvency and Bankruptcy Board of India (IBBI) was done by the present Government in the shortest possible time.

The Finance and Corporate Affairs Minister was speaking at the function organized by the Insolvency and Bankruptcy Board of India (IBBI) here  in order to give away the Certificates of Registration to two Insolvency Professional Agency (IPA) companies.

Jaitley further said that there are lot of expectations from this new insolvency mechanism and sure that it will deliver the desired results in years to come.

Earlier,Jaitley handed-over the Certificates of Registration to these two Insolvency Professional Agency (IPA) companies.

An Insolvency Professional Agency is a front line regulator for the insolvency professionals.

It enrolls professional members, lays down standards of professional conduct for them and monitors their performance.

It also redresses the grievances of consumers against its members.

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