The Insolvency and Bankruptcy Code is a key economic reform that will facilitate the ease of doing business, Union Minister Arjun Ram Meghwal said today.
The Minister of State for Finance inaugurated the new premises of Insolvency and Bankruptcy Board of India (IBBI) here.
The code provides for a market determined, time-bound mechanism for orderly resolution of insolvency, wherever possible, and ease of exit, wherever required.
Meghwal said the code is a key economic reform that would facilitate ease of doing business and promote economic growth.
A regulator is duty bound to guide and steer the market forces in the right direction, and not be intrusive, Meghwal was quoted as saying in an official release.
IBBI Chairperson M S Sahoo said the board is a unique regulator, which combines the role of a regulator of profession as well as of transactions.
"Unlike other professions where the regulator only develops and regulates the profession, the IBBI also writes rules of transactions undertaken by the professionals," Sahoo noted.
The board has set up three separate wings -- Research and Regulation, Registration and Monitoring, and Administrative Law.
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