Speaking on the occasion of annual day lecture to commemorate the establishment of IBBI, Hon’ble Mr. J. Sudhansu Jyoti Mukhopadhaya, Chairperson, NCLAT, complimented IBBI for setting high standards of competence and dedication and achieving significant milestones by upholding the principles and objectives of the Code with utmost sincerity.

While emphasizing the need for more powers to IBBI, he suggested that there should be regulations to regulate the conduct of Committee of Creditors.

For enabling new firms to emerge continuously, he stated that a firm needs freedom broadly at three stages of its life - to start a business (free entry), to continue it (free competition) and to discontinue the same (free exit).

According to him, 1,100 corporates are undergoing insolvency resolution process, and about 250 have completed the process by resolution or liquidation and Around 250 corporates have commenced voluntary liquidation.

For more: http://ibbi.gov.in/webadmin/pdf/press/2018/Oct/Press%20release-annual%20day.pdf