IBBI chief asks insolvency professionals to be transparent to improve bids

IBBI Chairperson Ravi Mital on Tuesday asked insolvency professionals to be as transparent as possible during the resolution process as that will help in improving the bids and reduce haircuts.

Speaking at a conference organised by the Indian Institute of Insolvency Professionals of ICAI (IIIPI) in the national capital, he said insolvency professionals and insolvency professional entities are the fulcrum of the insolvency system.

While highlighting that the insolvency professionals need to be mindful of time and delays, Mital said, "be as transparent as possible during the bidding process. This will improve bids, reduce haircuts and improve image of the IBC ecosystem," according to a release issued by IIIPI.

The Insolvency and Bankruptcy Board of India (IBBI) is a key institution in implementing the Insolvency and Bankruptcy Code (IBC).