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The Cochin Chamber of Commerce and Industry has organised a seminar on Insolvency and Bankruptcy to spread awareness on the implication of IBC for making improvement in business environment.
Addressing the seminar, Anil Goel, one of the most experienced insolvency professionals in the country, said IBC has been implemented in the country at lightning speed and the entire eco system and infrastructure have been created in less than two years. In line with these, Ministry of Corporate Affairs is setting up a bench of National Company Law Tribunal [NCLT] at Kochi for the benefit of the businesses and people of Kerala.
IBC is being used extensively by financial creditors (lenders) and operational creditors (suppliers of goods or services, workers and employees) for their dues either from companies or limited liability partnerships. The law has been made applicable to incorporated entities such as limited or private limited companies or limited liability partnership firms. The law would be applicable to individual guarantors, partnership firms, proprietorship concerns and Individuals in second phase.
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