IBA TO FRAME IBC CODE OF CONDUCT FOR LENDERS

NEW DELHI: The Insolvency and Bankruptcy Board of India has asked the Indian Banks' Association to frame a draf t code of conduct for committee of creditors under the Insolvency and Bankruptcy Code, a senior government official said.

"Insolvency and Bankruptcy Board of India has asked IBA to frame the draf t, which can then be given statutor y backing by the government," the official told Informist. At a meeting of the Financial Stability and Development Council, the Reserve Bank of India had articulated the need to have a code of conduct, the official said.

Once the draf t is finalised, it would be incorporated in the Insolvency and Bankruptcy Code through an amendment, the official said. The amendment might be introduced in the next session of Parliament.