NEW DELHI: Reserve Bank Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors (CoC) under the insolvency resolution process.
While emphasising that the Insolvency and Bankruptcy Code (IBC), which was introduced in 2016, has gained significant traction as a recovery and resolution mechanism, Rao also said significant improvements are needed with respect to the area of CoC.
CoC has a key role in implementing the corporate insolvency resolution process under the IBC.
At a conference in the national capital, Rao said there have been instances where the CoC's performance has been found lacking in several aspects.
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