Seminar on Insolvency and Bankruptcy Code, 2016 was held on Saturday at National Law Institute University.

The seminar was organised in association with Insolvency and Bankruptcy Board of India. Justice S.J Mukhopadhaya (Chairman NCLAT) was the chief guest.

He gave a special address and explained the complex insolvency code using analogies with animal kingdom. He referred to the financial creditors as “Tigers” of the corporate insolvency resolution process.

MS Sahoo (Chairperson, IBB), gave insight into the developments in the insolvency landscape in India. He appreciated the judiciary for giving a progressive interpretation to the code.

The First panel discussed the insolvency ecosystem in India. Chair, TK Vishwanathan, Chairperson, Bankruptcy Law Reforms committee, shared his experience of being in the part of the standing committee which drafted the IBC. He explained the peculiar problems that are faced by a draftsman in converting the policy of the government into tangible text.

Mukulita Vijaywargia, full time member IBBI, shared her views on how IBC has drastically reduced the timeline for resolution of stressed asset and compares the current regime with the erstwhile Sick Industries act. Later, Vijaykumar V Iyer discussed the importance of resolving stressed assets and its benefits for the Indian economy. 

The Second panel discussed the impact of IBC on ease of doing business in India. Prof VK Dixit from National Law Institute University started the discussion by sharing his  views on Ease of Doing Business and how Indian economy has gradually reduces the importance given to labor, resulting in a gradual shift towards capitalism.

Anil Chawla expressed the sad state of Indian entrepreneurs due to an apathetic and self-centred banking and financing Industry.  KR Kumar, executive director, IBBI opposes Chawla’s views and stated that IBC has in fact drastically contributed to the Indian growth story and the same can be seen from the statistics.

The last panel discussed the issue of Emerging IBC jurisprudence.  Shailendra Ajmera, Partner E and Y, shared his views on the importance of ethics in the insolvency professional practice and explained the economic rational behind business failure.  Piyush Mishra, Partner AZB, shared some practical aspects of insolvency law and discussed the emerging concept of Group Insolvency in Indian Context.

The last session involved MS Sahoo, answering the technical questions raised by professionals and law students.