With the Insolvency and Bankruptcy Code (IBC) coming into force, experts expect it to change the way banking and business is done.
A seminar was organised by Confederation of Indian Industry (CII) here recently in which Sripriya Kumar, Chartered Accountant and a Central Council Member of the Institute of Chartered Accountants of India, said that the law prescribes a very swift way to resolve financial defaults. Also, she emphasised on demystifying the new law and practical applicability from a creditor and debtor perspective.
G.N. Jayaram, convener, Economic Affairs and Taxation Panel, CII Erode and Partner, Karthikeyan and Jayaram, said that the long drawn process of loan recoveries would be curtailed substantially and the new law can be really helpful in resolving various issues and swift recovery of debts.
This is a significant reform in the right direction provided it is implemented meticulously, he added.
In his welcome address, V.P.S. Radhakrishnan, Chairman, CII Erode and Managing Director, Angel Starch and Food Private Limited, said that as per the new law, companies will be able to mobilise funds from other banks, vendors, creditors for sustainable further growth without any difficulty.
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