Insolvency and Bankruptcy Board of India has issued a report on Framework for Use of Mediation under the Insolvency and Bankruptcy Code, 2016 by Expert Committee. The report recommend a mediation
framework for use in various processes under the Code that inter alia addresses the following issues:
- Choice of mediation to be mandatory or voluntary.
- Creating space for mediation within the timelines specified by the Code.
- Circumstances and stages under which mediation can be referred.
- Enforcement mechanism for mediation outcomes.
- Meeting the cost of mediation.
- Operational framework.
- Infrastructure support.
- Any other issue which the Expert Committee may like to highlight.
