Growth of an economy depends upon growth of business. Hence, three aspects, free entry, freedom in doing business and free exit, should be ensured for growth of businesses, opined Insolvency and Bankruptsy Board of India (IBBI) Chairman Dr MS Sahoo here on Tuesday.
“We now have the SEBI for raising finance through public issues of shares. For doing business freely, the MRTP Act was replaced by competition act. Similarly, for free exist, we have now Insolvency and Bankruptcy Code, 2016. Hence the promoters and the creditors have now to plan about the resolution plan for the continuation of the business or else to go for dissolution so that funds can be utilised,” he said while speaking on “Insolvency and Bankruptcy Code (IBC)” organised by the Institute of the Company Secretaries of India (ICSI).
ICSI Bhubaneswar Chairman Priyadarshi Nayak, IDC of Odisha ltd Company Secretary and ED Arabinda Acharya spoke.Many ICSI members interacted with the Chairperson, IBBI. ICSI Insolvency Professionals Agency is the knowledge partner of the programme.