IBBI directs swift upload of judicial orders

The Insolvency and Bankruptcy Board of India (IBBI) has asked debt resolution professionals to upload orders from tribunals and courts quickly on a portal designated by the regulator, as judicial rulings have an impact on the ongoing bankruptcy cases. This, the insolvency regulator said, would ensure that important judicial orders that can have a significant impact on the ongoing proceedings under the Insolvency and Bankruptcy Code (IBC) are available for stakeholders in a timely manner.

The regulator said that orders like admission of bankruptcy petitions, approval of corporate rescue plans and liquidation orders issued by tribunals and decisions by high courts and the Supreme Court involving the government, the regulator or interpretation of law have to be quickly disseminated.

Also, court orders relating to the extent of the authority of a law or code and applicability of the bankruptcy code, rules and regulations have to uploaded by the professionals, who have first-hand access to them.

The idea is to improve efficiency in information sharing with the parties in the bankruptcy ecosystem to achieve better outcomes from debt resolution. The move comes at a time the government is preparing to put in place a technology platform that would connect all players in the distressed assets market, including lenders, administrators of bankrupt firms, tribunals and courts, the regulator and the ministry of corporate affairs.