IndianBank MD&CEO says, trusts and societies should be brought under IBC

In order to take up resolution of defaulting educational institutions, PSU bank Indian Bank on Saturday has requested the Insolvency and Bankruptcy Board of India to bring trusts and societies under the IBC. Padmaja Chunduru, Managing Director and CEO participated in a workshop organised by IBBI jointly with city-based Indian Bank and she raised a concern over the delay in admission of cases and suggested that the minimum default amount of Rs 1,00,000 should be increased, among others. 

1. In order to take up resolution of defaulting educational institutions, Chunduru requested IBBI to ensure that trusts and societies are brought within the ambit of the Insolvency and Bankruptcy Code (IBC).

2. IBBI Chairperson M S Sahoo said IBBI has appointed 30 new judicial members to strengthen the judiciary, besides speedy disposal of pending cases.

3. Some of the insitutions which took part in the workshop were National Companies Law Tribunal, Member-Chennai bench, BSV Prakash Kumar, Indian Bank Executive Directors, M K Bhattacharya, V Shenoy Viswanath, Bank of Maharashtra, Executive Director, A C Rout and 60 senior executives from various banks.