The Insolvency and Bankruptcy Board of India (IBBI) signed a memorandum of understanding (MoU) on Tuesday with the Securities and Exchange Board of India (SEBI) for effective implementation of the new bankruptcy law.
Executive Directors Anand Baiwar of the SEBI and Ritesh Kavdia of the IBBI signed the pact which provides for sharing information and resources, according to an official statement.
There will be periodic meetings to discuss matters of mutual interest, including regulatory requirements, enforcement cases, research, data analysis, information technology and data sharing.
Other areas of cooperation under the MoU include cross-training of staff, effective utilisation of collective resources as well as capacity building of insolvency professionals and financial creditors.
Joint efforts will be made towards enhancing the level of awareness among financial creditors about the importance and necessity of swift insolvency resolution process of various types of borrowers in distress under the provisions of IBC Code 2016.