The Insolvency and Bankruptcy Board of India (IBBI) has signed a cooperation agreement with the International Finance Corporation (IFC) to train professionals, the government said on Thursday. The pact calls for organising workshops and training for insolvency professionals and IBBI officers, training the trainers, development of a national insolvency programme besides insolvency and valuation examinations. The agreement runs through till June 30, 2021.
The Insolvency and Bankruptcy Code 2016 provides for re-organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner. The aim is to maximise assets value of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.For this purpose, the government has established an institutional infrastructure comprising of adjudicating authorities, the IBBI, insolvency professionals, insolvency professional agencies and information utilities.The IBBI writes and enforces rules for processes — corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy. (ANI)