1 min read.Updated: 17 Jan 2017, 12:48 AM ISTShreeja Sen
The think-tank Society of Insolvency Practitioners of India will engage in education and training of the consumers of insolvency law, offer assistance to the insolvency professional agencies
New Delhi: An independent think-tank for the insolvency regime was set up on Saturday in what could be the private insolvency practitioners’ response to the overhaul in the bankruptcy framework introduced last year.
The think-tank, Society of Insolvency Practitioners of India (SIPI), will look to producing research on the soft infrastructure like capacity-building and experience sharing, developing best practices in the insolvency regime, and creating advocacy around the new law.
“It will engage in education and training of the consumers of insolvency law, offer assistance to the insolvency professional agencies in the development of capacity of their members and function as a special purpose vehicle of INSOL India to deliver their technical programmes and publications," said its founder chairperson Sumant Batra, in an emailed communication. Batra was appointed chairperson on 14 January in an extraordinary general meeting of the society. Last year, the Parliament passed the Insolvency and Bankruptcy Code paving the way for a specialized and time bound resolution of insolvency cases. Following this, the government set up the Insolvency and Bankruptcy Board which would regulate the supporting infrastructure for the law–the insolvency professional agencies, insolvency professionals and information utilities.
Kritika Singh contributed to this report.
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