Insolvency and Bankruptcy Board of India Whole-Time Member Sudhaker Shukla on Wednesday said the framework for avoidance transactions has been streamlined and some grey areas will be sorted out by the corporate affairs ministry through amendments to norms in the near future.
The IBBI is a key institution under the Insolvency and Bankruptcy Code.
Shukla was speaking at the virtual conference on 'Avoidance Transactions under IBC-Improving Outcomes' organised by the Indian Institute of Insolvency Professionals of ICAI.
According to a release issued by IIIPI, Shukla highlighted the role of insolvency professionals in tracing avoidance transactions of the corporate debtor and its importance in the value realisation of the debtor during resolution or liquidation.
The framework for avoidance transactions has been streamlined in India but there are still some grey areas for which the ministry is working to sort out through amendments in the near future, he was quoted as saying in the release.
Among others, Paul Bannister, Head-Policy, Insolvency Services, Government of UK and Patibandla Satyanarayana Prasad, Member (Judicial) at the National Company Law Tribunal participated in the conference.
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