Under the new Insolvency and Bankruptcy Code, the Insolvency and Bankruptcy Board of India (IBBI) has a statutory responsibility to collect, maintain, and disseminate data about the new insolvency and bankruptcy system.
In the wake of the IL&FS crisis, there is a need to review the role of rating agencies as they continued to rate the NBFC at top notch investment grade even a day before it defaulted on its payment obligation, a top Finance Ministry official said.
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