International Business News: The OECD has recommended that the Indian government speed up the insolvency and bankruptcy process and decrease its ownership in banks and financial i
The Insolvency and Bankruptcy Board of India (IBBI) chairman, Ravi Mital, has called for suggestions to help reduce delays in the insolvency process. Mital emphasized that the main objectives of the Insolvency and Bankruptcy Code (IBC) are revival and rehabilitation, rather than just recovery. He acknowledged that delays and low recoveries have been a concern, but highlighted that the NCLT has been approving over 35 resolutions per month, reducing delays.
Last month, Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mittal had pitched for a globally-accepted, "well-structured and comprehensive standards framework" for the valuation of stressed firms under the IBC.