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Taking no Chances, IBBI Performs Quality Check on Insolvency Professionals
June 30, 2017
The Insolvency and Bankruptcy Board of India (IBBI), which has been given the responsibility of handling the bad-loans resolution process is working on its assessment procedures. It’s to make sure that the appointed insolvency executives are competent and qualified to disperse the doubts that the concerned authorities have regarding their capabilities.
IBBI chairperson MS Sahoo said that investigation and inspection are important tasks that must be dispatched with attention to detail and care. IBBS, thus, don’t want to take any chances especially when industry stakeholders have their doubts.
In one case, a debtor claimed they lost an order worth Rs. 1.30 crore because of an Insolvency Professional.
