MUMBAI, March 7 (Xinhua) -- India's Insolvency and Bankruptcy Board of India (IBBI) has signed a cooperation agreement with the International Finance Corporation (IFC) to build capacity of the insolvency professionals, a release by the government Press Information Bureau said on Thursday.
The agreement envisages technical assistance up to June 30, 2021 by the IFC to IBBI that would cover training of insolvency professionals, trainers, development of national insolvency programs and insolvency and valuation examinations.
Since the Insolvency and Bankruptcy Code, 2016 became effective, bankers have recovered almost 50 percent of the defaulted amount advanced to borrowers worth 20.4 billion U.S. dollars stuck in 82 cases over the past two years.
The code provides for re-organization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets.
