Report by IBBI’s Expert Committee on Framework for Use of Mediation under the Insolvency and Bankruptcy Code (IBC), 2016 | Current Affairs | Vision IAS
MENU
Home

Periodically curated articles and updates on national and international developments relevant for UPSC Civil Services Examination.

Quick Links

High-quality MCQs and Mains Answer Writing to sharpen skills and reinforce learning every day.

Watch explainer and thematic concept-building videos under initiatives like Deep Dive, Master Classes, etc., on important UPSC topics.

ESC
  • Expert committee was constituted by Insolvency and Bankruptcy Board of India (IBBI) with T.K. Vishwanathan as Chairperson to examine the scope of using mediation in various processes under the IBC 2016.
    • Currently, there are no specific provisions for mediation of insolvency and bankruptcy disputes under IBC.
  • Mediation is use of a neutral third party to facilitate the negotiated settlement of a dispute between two or more parties.
    • Typically, it is initiated by mutual consent of the parties, or pre-agreed contract, or court reference or law-mandated requirement.
       
  • Mediation framework in India
    • The Mediation Act, 2023 aims to facilitate mediation, especially institutional mediation.
    • Provisions in other legislations: Civil Procedure Code, 1908, Companies Act, 2013, Commercial Courts Act, 2015 and Consumer Protection Act, 2019.
    • India is signatory to the Singapore Convention on Mediation.
       
  • Recommendations of the Committee
    • Phased introduction of voluntary mediation as a dispute resolution mechanism under IBC.  
    • Centre may by rules prescribe structure of insolvency mediation framework with specifying categories of mediable disputes. 
    • IBBI to specify procedures for conduct of mediations and their enforcement. 
    • Costs for the mediation to be borne equally between parties or as mutually agreed.
Watch Video News Today

Explore Related Content

Discover more articles, videos, and terms related to this topic

RELATED VIDEOS

3
News Today (May 31, 2025)

News Today (May 31, 2025)

YouTube HD
News Today (May 04-05, 2025

News Today (May 04-05, 2025

YouTube HD
Growth of Tier 2 and Tier 3 Cities in India

Growth of Tier 2 and Tier 3 Cities in India

YouTube HD
Title is required. Maximum 500 characters.

Search Notes

Filter Notes

Loading your notes...
Searching your notes...
Loading more notes...
You've reached the end of your notes

No notes yet

Create your first note to get started.

No notes found

Try adjusting your search criteria or clear the search.

Saving...
Saved

Please select a subject.

Referenced Articles

linked

No references added yet

Subscribe for Premium Features