Mumbai: Insolvency and Bankruptcy Board of India (IBBI) chairman M.S. Sahoo Tuesday said the process of putting in place the norms on group insolvency is underway.

“The work has started on group insolvency norms, but I will not be able to give a timeline as to when it will be finalised," Sahoo told reporters on the sidelines of a capital market conference organised by the industry lobby Ficci here.

The IBBI is also working on a framework for cross- border insolvency cases. Sahoo said the government has already put out a paper on insolvency and a committee is examining the comments received on the draft paper.

“There is an insolvency law committee that is examining the comments. Based on that it will submit the report and thereafter government will take a call on the norms on cross-border insolvency cases," Sahoo said.

He expressed happiness on the outcome of cases undergoing insolvency procedures so far. “I am happy with the outcome so far. Our experience is we are getting up to 60% of the liquidation value and that is a very good outcome."