Don't look for ready-made solutions: IBBI chief to insolvency professionals

Sending out a strong message, Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo today said insolvency resolution professionals should not look for "ready-made solutions" and desist from overcharging for their services. His remarks come against the backdrop of concerns about the conduct and independence of insolvency professionals in certain instances. The professionals are key to insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) that provides for market-determined and time-bound resolution. "Don't look for ready-made solutions... (insolvency resolution) requires your full heart," Sahoo told an insolvency professionals' conclave here. Emphasising that talent and character are the two key pillars for insolvency professionals, he urged them not to delegate or outsource their work. The professionals should remain competitive and be updated, the IBBI chief said, adding that they should look at using artificial intelligence to bring down the time taken to complete a resolution process. The IBBI is implementing the IBC, under which resolution process needs to be completed within 270 days. Speaking at the event, National Company Law Tribunal (NCLT) President M M Kumar said speed is the essence of the IBC.