Committee of Creditors
On 7th December 2024, Reserve Bank Deputy Governor pitched for an enforceable code of conduct for the Committee of Creditors (CoC) under the insolvency resolution process.
- CoC has a key role in implementing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC).
Issues Identified by RBI Deputy Governor
- While emphasising that the Insolvency and Bankruptcy Code (IBC), which was introduced in 2016, has gained significant traction as a recovery and resolution mechanism, significant improvements are needed with respect to the area of CoC.
- The CoC's performance has been found lacking in several aspects such as:
- disproportionate prioritisation of individual creditors' ....
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