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Bankruptcy pros may get a code and more

IBBI plans a best practice Code for Committee of creditors

IBBI plans a best practice Code for Committee of creditors
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Now, another tool for SBI to resolve stress - The Hindu BusinessLine

Now, another tool for SBI to resolve stress May 09, 2021 Bank pursuing board approval for policy framework on pre-packs, says MD State Bank of India sees the recently-introduced pre-packaged insolvency resolution process (PPIRP) for MSME corporates as another good tool in its armoury for resolving stress. Swaminathan Janakiraman, Managing Director (Risk, Compliance and Stressed Assets Resolution Group (SARG), SBI, told BusinessLine that the bank was putting together a policy framework for the same. “We are putting together a board-approved policy framework for implementation of pre-pack among our MSME corporate customers. Over the next 4-6 weeks, we will start implementation and much would depend on how the ongoing second wave of Covid-19 plays out,” said Janakiraman. He made it clear that SBI would like to have multiple tools for resolving stress and that PPIRP cannot be a one-size fits all solution for the bank.

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