more-inThe Committee of Creditors (CoC) is not being proactive enough in dealing with the cases, Insolvency and Bankruptcy Board of India (IBBI) chairman M.S. Speaking at a FICCI conference, Mr. Sahoo said, “It is the role of the CoC to tell a business what all the possibilities are, so that the resolution plan can address all the issues. “While resolution tries to keep the company alive, recovery kills,” he said and emphasised CoC’s need to focus on the former. ‘Higher responsibility’Further highlighting the CoC’s responsibility, he said, “Today, CoC is in the position of a custodian or a trustee. The unintended consequence was that a lot of good plans were getting rejected because small creditors could hold up the whole process.

Source: The Hindu May 25, 2018 16:30 UTC