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His remarks come against the backdrop of concerns about the conduct and independence of insolvency professionals in certain instances.
The professionals are key to insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) that provides for market-determined and time-bound resolution.
“Don’t look for ready-made solutions… (insolvency resolution) requires your full heart,” Sahoo told an insolvency professionals’ conclave here.
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The professionals should remain competitive and be updated, the IBBI chief said, adding that they should look at using artificial intelligence to bring down the time taken to complete a resolution process.
The Insolvency and Bankruptcy Board of India (IBBI) is implementing the IBC, under which resolution process needs to be completed within 270 days.
Speaking at the event, National Company Law Tribunal (NCLT) President M M Kumar said speed is the essence of the IBC.