The Insolvency and Bankruptcy Board of India (IBBI) jointly with the State Bank of India and the Indian Banks’ Association organized a one-day virtual workshop on “Committee of Creditors: An Institution of Public Trust” today.
This is the fifth such workshop in the series for the benefit of financial creditors who comprise the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code, 2016 (Code). Thirty-one senior officers (General Managers and Executive Directors) from fifteen scheduled commercial banks and financial institutions participated in the workshop.
Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs delivered the inaugural address. Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India delivered a keynote address at the workshop. Shri Dinesh Kumar Khara, Chairman, State Bank of India delivered a special address on the occasion; Shri Sunil Mehta, Chief Executive, Indian Banks’ Association opened the inaugural session with his welcome remarks.
The illustrious faculty included; Shri C. S. Setty, Managing Director, State Bank of India; Shri Sanjeev Krishan, Chairman, PWC India; Shri Rashesh Shah, Chairman, Edelweiss Group, Shri Shardul Shroff, Managing Partner, Shardul Amarchand Mangaldas; and Dr. M. S. Sahoo, Chairperson, IBBI.
The workshop aimed at developing a better understanding of the role of and expectations from the CoC, under the Code and to build the capacity of financial creditors to ensure that the CoC:
(a) discharges its statutory duties and responsibilities with utmost care and diligence;
(b) has the capability and motivation to take business decisions in terms of generating multiple competing resolution plans and approving the best among them; and
(c) considers and balances the interest of all stakeholders in a resolution process.
