IBC process: UBI seeks monitoring mechanism for resolution professionals

According to data from the IBBI, as on December 20 for about 1,374 cases, a public announcement for the Corporate Insolvency Resolution Process (CIRP) has been done

In view of delays in resolution of stressed assets under the Insolvency and Banking Code (IBC), Kolkata-based United Bank of India is planning to write to the Insolvency and Bankruptcy Board of India (IBBI) to a have monitoring mechanism for the resolution professionals (RP).
 
“In a large number of cases, due to inaction by RPs, there have been long delays in the resolution process. We are planning to write to the IBBI that there should be some mechanism to monitor the performance of RPs. We will make a strong representation to the IBBI in this matter,” said Ashok Kumar