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Corporate Affairs Secretary Deepti Gaur Mukerjee has urged insolvency professionals and valuers to adopt a robust self-regulating mechanism, stressing that the Insolvency and Bankruptcy Code (IBC), introduced in 2016, carries high expectations for market-linked, time-bound resolutions of stressed assets. Speaking at the ninth annual day of the Insolvency and Bankruptcy Board of India (IBBI) in New Delhi, she observed that while a Code of Conduct exists, its impact remains limited and professionals must focus on introspection and self-regulation rather than policing. Currently, India has 4,500+ registered insolvency professionals and 6,000 valuers under the Code. IBBI Chairperson Ravi Mital noted that more than 100,000 homebuyers have benefitted from real estate resolutions and that 125 amendments to regulations, upheld by courts, reflect the Code's ongoing evolution and credibility.
Corporate Affairs Secretary Deepti Gaur Mukerjee emphasized the need for insolvency professionals and valuers to adopt a strong self-regulating mechanism. She addressed this during the ninth annual day of the Insolvency and Bankruptcy Board of India (IBBI) in the national capital, highlighting that the expectations from the Insolvency and Bankruptcy Code (IBC) remain high. Introduced in 2016, the Code was designed to provide market-linked and time-bound resolutions for stressed assets. Advertisement
Mukerjee noted that while a Code of Conduct exists for insolvency professionals and valuers, its effectiveness is limited. She stressed that instead of focusing on policing, professionals should engage in introspection and develop a robust self-regulatory framework. Currently, there are over 4,500 registered insolvency professionals and around 6,000 registered valuers operating under the Code.
IBBI Chairperson Ravi Mital reported that more than 100,000 homebuyers have benefitted from the resolution of real estate projects under the Code over the past nine years. He added that 125 amendments have been made to IBBI regulations, all of which have been upheld by the High Courts and the Supreme Court, underscoring the importance of continuous regulatory refinement. The IBBI plays a central role in implementing the Code and maintaining the integrity of the insolvency process.
Source PTI
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