The formation of the electronic platform which can handle several processes under the Insolvency and Bankruptcy Code (IBC) may take at least two years, a member of the Insolvency and Bankruptcy Board of India (IBBI) told FE.
In a discussion paper floated in January, the Ministry of Corporate Affairs (MCA) had said that since the institutions–the MCA, the adjudicating authority (AA), the IBBI, information utilities, and service providers, operate on separate technological platforms–there are challenges posed by the fragmented nature of this approach.
Streamlining their interactions would lead to better transparency, minimisation of delays, and facilitate more effective decision making, the paper noted.
“We are aiming to make use of artificial intelligence and machine learning for integrating the stakeholders,” the IBBI member said. “But this may take about two to three years.”
The e-platform may provide for a case management system, automated processes to file applications with the AAs, delivery of notices, enabling interaction of IPs (Insolvency Professional) with stakeholders, storage of records of CDs (Corporate Debtor) undergoing the process, and incentivising participation of other market players in the IBC ecosystem, the paper said.
It may also allow regulators and the AAs to exercise better oversight over their respective domains of functioning through the consolidated information available on the e-platform.
