Reserve Bank of India Governor Shaktikanta Das Thursday batted for a specified framework for the group insolvency mechanism and a vibrant market for stressed assets in the country to improve the working of the Insolvency and Bankruptcy Code (IBC).
In the absence of a specified framework, the group insolvency mechanism has been evolving under the guidance of the courts, said Das. “Perhaps the time has come for laying down appropriate principles in this regard through legislative changes,” he said at a conference on IBC organised by the Centre for Advanced Financial Learning (CAFRAL).
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