Union Finance and Corporate Affairs Minister Arun Jaitley directed his officials to take “immediate action” for implementing the Insolvency and Bankruptcy Code (IBC) 2016 to simplifythe existing framework by creating a single law for insolvency and bankruptcy. “The FM said that immediate action is required on the key requirements for implementation of the IBC including setting-up of Insolvency and Bankruptcy Board of India , notifying rules and regulations relating to insolvency professionals , insolvency professional agencies and corporate insolvency among others,” said a release.
